Brent crude climbed to $98.38 as geopolitical tensions near the Strait of Hormuz resurfaced, while Sunrun shares rallied 13.3% on strong earnings despite a broader market decline.
Sunrun climbed 13.3% to $9.96 on Thursday after Q3 revenue of $1.10 billion beat the $757.53 million consensus and GAAP EPS of $0.56 crushed the $0.16 estimate, with a record 75% of installations including storage. With 32% of the float sold short, the squeeze could extend, and a Democratic Congress is seen defending IRA tax credits.
Revenue of $1.10 billion was 52% above the prior year and far ahead of the $757.53 million consensus, with EPS of $0.56 versus $0.16 expected.
Brent rebounded 4.0% to $98.38 on Thursday after Wednesday's 8.7% plunge, as peace-deal bets faded: Eurasia Group cut negotiated-agreement odds to 10% from 20% and put renewed U.S. strikes at 60%, while a tanker hit a mine near Hormuz. However, Gulf exports surged 10% to 15.53 million bpd in October and Dubai crude flipped into contango, capping upside.
Traders dialed back hopes of a U.S.-Iran peace deal and reopening of Hormuz after the midterm results, and a tanker hit a mine near the strait, lifting Brent 4.0% to $98.38.
WTI gained 2.9% to $90.65 on Thursday, its first rise in four sessions, as the Iran peace-deal bets priced in on Wednesday faded and conflict risk near Hormuz resurfaced. Rising Arab Gulf supply and the physical-market surplus argue against a sustained rally.
Partly: Wednesday's plunge priced in a peace deal with Iran after the Democratic sweep, and those bets faded Thursday, sending WTI up 2.9% to $90.65.
The Nasdaq was off about 5% in afternoon trading Thursday as the AI chip selloff deepened, with data-center-linked stocks hit by the Texas election result: Democrat Gina Hinojosa, who wants a pause on new data-center projects, defeated Governor Abbott, sparking fears of roadblocks slowing the AI data-center boom from January 2027.
A deepening selloff in AI chip stocks, worsened by fears that the new Texas governor's push to pause new data-center projects could slow the AI data-center boom.
The oil and gas benchmark fell 1.6% to $62.50 on Thursday, tracking the broader market selloff lower despite the crude rebound, as the Democratic sweep raised legislative and subpoena risk for the administration's energy dealings and energy stocks followed equities down.
XLE fell 1.6% because energy stocks tracked the broader equity selloff, with the S&P 500 down more than 3%, outweighing the crude price rebound.
Oil prices rebounded on Thursday as markets walked back expectations of a U.S.-Iran peace deal following the Democratic sweep in the midterms. Brent crude rose 4.0% to $98.38, while WTI gained 2.9% to $90.65, even as broader equity markets faced a sharp selloff. Meanwhile, Sunrun shares surged 13.3% following a massive Q3 earnings beat, defying a wider downturn in renewable energy stocks.
Prices rose as traders dialed back hopes for a U.S.-Iran peace deal following the midterm results, and a tanker incident near the Strait of Hormuz heightened supply concerns.
The Nasdaq dropped 5% amid fears that the election of Democrat Gina Hinojosa as Texas governor could lead to a pause on new data-center projects, threatening the AI infrastructure boom.