Market Indexes Fight Off Deep Lows 2nd-Straight Day

Market Overview - Oil prices surged due to fears that Iran could close off the Strait of Hormuz, reaching their highest levels since July 2024, with WTI at $81 and Brent crude at $85 per barrel [2] - The Dow Jones Industrial Average closed down 784 points, or 1.61%, after experiencing a drop of 1200 points during the trading day [1] Company Earnings Reports - Costco (COST) reported a quarterly earnings beat with earnings of $4.58 per share, exceeding estimates by 3 cents, and revenues of $69.6 billion, which grew by 9.1% year over year, surpassing the anticipated $69.24 billion [3] - Gap Inc. (GAP) met earnings estimates at $0.45 per share but fell short on revenue, reporting $4.2 billion against the expected $4.24 billion. Gross margins decreased by 80 basis points year over year to 38.1% [4] - Marvell Technology (MRVL) achieved slight beats on both earnings and revenue, with earnings of $0.80 per share and revenues of $2.22 billion, exceeding estimates. The gross margin guidance for the current quarter is around 59% [5]