Market Midday: Stocks Soaring on Iran Developments, Oil Plunging, Tech Stocks Rallying

0:00I'm Jill Schneider, CNBC. Oil price is plunging and stocks surging in midday trading, as President Trump and Iran declared the state of Hormuz open for business, the Nasdaq on track for its longest winning streak since 1992. The Dow is up 995 points more than 2 percent, the S&P 500 higher by 95, about a percent and a third, and the Nasdaq composite is up 404 points, 1 and 2 thirds percent, both the Nasdaq composite and the S&P 500 trading at record highs. Again, oil price is plummeting following Iran's announcement, as supply disruption fears lessen. Warren Pies is the co-founder of 314 research. I think one of the things we've talked about throughout this, the closure of the trade, where Hormuz is the longer it goes, the higher you raise the long-term oil price. So if we actually have an imminent reopening of the trade, I think we obviously dodged the worst-case scenario. I think long-term brands can just settle in somewhere around $80 a barrel, when I say long-term, we'll probably average for the next two years.

1:02Big tech stocks are on track to wrap a massive week, with shares of Oracle, advanced micro devices, and Microsoft set to post historic gains and benchmarks. Oracle, up 32 percent this week, is on track for its best week since 1999. The company expanded an AI data center power deal with Blue Energy on Monday. AMD is up 13 percent this week, and hit an all-time high on Thursday, climbing more than 40 percent during a run of 12 consecutive days of gains its longest streak in more than 20 years. Shares of Netflix down about 10 percent today after the streaming giant released its second quarter numbers, investors seemingly disappointed that the company didn't raise guidance for the year. Netflix also announced Chairman Reed Hastings will leave the board when his term expires in June. Fuganheim securities media analyst Michael Morris still has a buy rating on Netflix shares. We think that they continue to be on track for those long-term goals, and that's strong double-digit revenue growth, it's high-teens operating profit growth. That translates to well over 20 percent earnings growth through the end of the decade. So I think long-term investors will continue to have confidence about that ability to compound.

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