{"id":61630,"date":"2026-05-06T07:38:22","date_gmt":"2026-05-06T11:38:22","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-plummets-below-100-on-us-iran-breakthrough-disney-and-cvs-lead-earnings-surge\/61630\/"},"modified":"2026-05-06T07:38:22","modified_gmt":"2026-05-06T11:38:22","slug":"oil-plummets-below-100-on-us-iran-breakthrough-disney-and-cvs-lead-earnings-surge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-plummets-below-100-on-us-iran-breakthrough-disney-and-cvs-lead-earnings-surge\/61630\/","title":{"rendered":"Oil Plummets Below $100 on US-Iran Breakthrough; Disney and CVS Lead Earnings Surge"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent crude oil prices plunged 9.2% to $99.79 per barrel<\/strong> as markets reacted to a potential U.S.-Iran memorandum of understanding (MOU) to reopen the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>Disney (<a href=\"\/stock\/DIS\">DIS<\/a>)<\/strong> and <strong>CVS Health (<a href=\"\/stock\/CVS\">CVS<\/a>)<\/strong> both delivered strong earnings beats and <strong>raised their full-year 2026 guidance<\/strong>, signaling corporate resilience.<\/li>\n<li>NEC Senior Adviser <strong>Kevin Hassett projected 4% GDP growth<\/strong> for the year and revealed the administration is exploring an <strong>Executive Order regarding AI and business<\/strong>.<\/li>\n<li><strong>Uber (<a href=\"\/stock\/UBER\">UBER<\/a>)<\/strong> exceeded expectations for gross bookings and EBITDA, reporting <strong>$53.72 billion in total bookings<\/strong> despite a marginal revenue miss.<\/li>\n<li>U.S. <strong>mortgage applications fell 4.4%<\/strong> for the week ending May 1, as the 30-year fixed mortgage rate climbed to <strong>6.45%<\/strong>.<\/li>\n<\/ul>\n<h2>Geopolitical Breakthrough Drives Oil Sell-Off<\/h2>\n<p><strong>Brent crude oil<\/strong> experienced a massive sell-off today, falling <strong>9.2% to settle at $99.79 per barrel<\/strong>. The decline is driven by intense optimism surrounding a one-page <strong>U.S. memorandum of understanding (MOU)<\/strong> delivered to Iran via Pakistani mediators. The proposal reportedly includes the <strong>gradual reopening of the Strait of Hormuz<\/strong> and a halt to Iranian nuclear enrichment in exchange for lifting the current blockade.<\/p>\n<p>While <strong>Iran\u2019s Revolutionary Guards Navy<\/strong> declared that &quot;threats from aggressors&quot; have been neutralized, confusion remains on the water. Energy analysts, including <strong>Amena Bakr<\/strong>, reported that many vessel owners are staying put until the &quot;new procedures&quot; for transiting the Strait are clearly defined. <em>The market remains highly sensitive to these developments, as a permanent resolution to the 10-week conflict could significantly ease global inflationary pressures.<\/em><\/p>\n<h2>Corporate Earnings: Disney and CVS Raise Outlooks<\/h2>\n<p><strong>Disney (<a href=\"\/stock\/DIS\">DIS<\/a>)<\/strong> shares are in focus after the company reported <strong>Adjusted EPS of $1.57<\/strong>, beating the $1.51 estimate. Revenue reached <strong>$25.17 billion<\/strong>, bolstered by strong performance in its Entertainment and Experiences segments. Consequently, the media giant raised its <strong>FY 2026 Adjusted EPS growth guidance to approximately 12%<\/strong>.<\/p>\n<p><strong>CVS Health (<a href=\"\/stock\/CVS\">CVS<\/a>)<\/strong> also posted a significant beat, with <strong>Adjusted EPS of $2.57<\/strong> on revenue of <strong>$100.43 billion<\/strong>. The company raised its full-year 2026 Adjusted EPS guidance to a range of <strong>$7.30 to $7.50<\/strong>. <em>Investors are viewing these results as a sign of robust consumer spending in both the healthcare and entertainment sectors.<\/em><\/p>\n<h2>Uber and Kraft Heinz Post Resilient Q1 Results<\/h2>\n<p><strong>Uber (<a href=\"\/stock\/UBER\">UBER<\/a>)<\/strong> reported a mixed but generally positive first quarter, with <strong>Adjusted EPS of $0.72<\/strong> beating the $0.70 consensus. While revenue of <strong>$13.20 billion<\/strong> slightly missed the $13.33 billion target, the company saw record <strong>gross bookings of $53.72 billion<\/strong>. Mobility and Delivery bookings both exceeded analyst expectations, suggesting continued demand for gig-economy services.<\/p>\n<p><strong>Kraft Heinz (<a href=\"\/stock\/KHC\">KHC<\/a>)<\/strong> reported <strong>Adjusted EPS of $0.58<\/strong>, topping the $0.50 estimate, on sales of <strong>$6.05 billion<\/strong>. Although organic revenue declined <strong>0.4%<\/strong>, it was significantly better than the <strong>2.72% drop<\/strong> analysts had feared. The company maintained its full-year outlook, citing a stabilizing environment for consumer packaged goods.<\/p>\n<h2>Economic Policy and Housing Data<\/h2>\n<p>NEC Senior Adviser <strong>Kevin Hassett<\/strong> provided a bullish outlook for the U.S. economy, predicting <strong>4% GDP growth<\/strong> for the year. Hassett also noted that the administration is exploring an <strong>Executive Order on AI and business<\/strong> to maintain a competitive edge. Regarding monetary policy, Hassett stated the administration is <strong>not endangering the Federal Reserve\u2019s independence<\/strong>, though the future status of Chair Jerome Powell remains &quot;unclear.&quot;<\/p>\n<p>In the housing market, <strong>MBA Mortgage Applications<\/strong> fell by <strong>4.4%<\/strong> as borrowing costs continued to trend upward. The average <strong>30-year mortgage rate rose to 6.45%<\/strong>, up from 6.37% the previous week. <em>This cooling in application volume reflects the ongoing pressure that elevated interest rates are placing on the residential real estate sector.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent crude oil prices plunged 9.2% to $99.79 per barrel as markets reacted to a potential U.S.-Iran memorandum [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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