Stocks Resume Losses As Geopolitical Pressure Mounts

Stocks are once more succumbing to geopolitical headwinds amid the ongoing conflict with Iran. Crude prices are the culprit in the wake of President Donald Trump's mixed war messaging, with West Texas Intermediate crude futures up around 10%. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) have all bounced from their session lows despite still being in the red, with the blue-chip index paring a 600-point drop and briefly trading in the black. For the week, all three major indexes are headed for holiday-shortened wins. 

Intuitive Machines Inc (LUNR) (Nasdaq: LUNR) is seeing outsized activity in the options pits today. At last look, over 45,000 calls have changed hands, volume that's four times the average intraday amount and nearly triple the number of puts. The weekly 4/2 22-strike call is the most popular, where new positions are being bought to open. The Globalstar (GSAT) news is giving space stocks a halo lift, with LUNR last seen up 19.2% to trade at $24.11, and earlier tapping a 12-month high. Year to date, the stock is up 45%. 

Lumentum Holdings Inc (LITE) (Nasdaq: LITE) is near the top of the Nasdaq today, last seen up 5.8% to trade at $809.27. Although there's no specific catalyst driving the surge, LITE is a historical outperformer in April, and earlier scored a record high of $817. The fiber optics stock is up 117% in 2026 and over 1,000% higher in the last 12 months. 

Estee Lauder Companies Inc (EL) (NYSE: EL) is near the bottom of the New York Stock Exchange (NYSE) today, down 3.9% to trade at $67.94. A Bloomberg report indicated the luxury retailer was in advanced talks with Puig Brands SA about a deal. EL is now 35.8% lower in 2026.