The Tape

Equities closed higher across the board, with the Russell 2000 leading at +1.02%. The S&P 500 added 0.54% to 741.67. The Nasdaq and Dow each rose 0.76%, to 722.1 and 513.2 respectively. The VIX settled at 23.325, elevated but off recent highs.

Materials were the standout sector, gaining 1.90%. Financials added 1.39%. Only Healthcare and Communication finished negative, down 0.16% and 0.41%.

The big story was crude oil. Trump declared the Iran deal "now complete" and authorized the opening of the Strait of Hormuz. Crude fell more than 4%. Dow futures jumped 380 points on the news.

On the microcap side, UBXG surged 64.30%. SPCL jumped 56.56%. EDHL added 44.48%. On the downside, HSPTU lost 56.14%. HSPT dropped 47.37%. FLYT fell 38.82%.

Under the Hood

Insider activity tells a clear story. At Apple, three insiders sold and none bought. At Meta, three sold and none bought. At Amazon, three sold and none bought. At JPMorgan, three sold and none bought. At Exxon, three sold and none bought.

The buying was concentrated. Microsoft saw two buys and no sales. Nvidia had two buys and one sale. Eli Lilly had two buys and one sale. Tesla had one buy and two sales.

This is a split market. Insiders are selling big tech and banking names. They are buying select AI and pharma positions.

The SaaSpocalypse narrative is real. Intuit, Adobe, Zscaler, and Workday all plunged. The question is whether this is a buying opportunity or a structural shift.

On Deck

The headline event is SpaceX. Elon Musk reacted to a $330 billion projected revenue estimate. He said the company "might be able to reach" nearly $1 trillion in 2030. Michael Saylor gave a shout out for a "historic" SpaceX IPO. That IPO is the top stock to watch this week, alongside Accenture and Kroger.

Bitcoin and other cryptocurrencies climbed. Trump's Iran deal fueled a "risk-on" appetite. An analyst predicted BTC would move above a key level.

Watch crude oil. A 4% drop on a geopolitical headline is unusual. If the Strait of Hormuz opens fully, energy stocks could reverse their recent gains.

Also watch Dell. Michael Dell's net worth jumped $72 billion on the stock's rally. Analysts predict further gains.