Overview
- U.S. markets finished mixed to lower as major indexes eased, with the S&P 500 posting a modest decline by the close.
- Crude oil jumped about 6.6% to roughly $89 a barrel, and energy shares led gains as higher prices tend to boost producers’ revenue.
- Cleveland-Cliffs fell more than 6% after reporting a first-quarter loss of $0.40 per share that missed estimates by a cent, though revenue rose to $4.922 billion and topped forecasts.
- Investar climbed more than 5% after adjusted earnings of $0.87 per share beat expectations of $0.68, even as sales of $35.64 million came in slightly below estimates.
- Consumer discretionary stocks lagged, precious metals and copper slipped, and the day’s global picture showed Europe lower while major Asia-Pacific markets ended higher.