Stocks Retreat Amid Rising Crude Prices and Credit Worries

Oil Market - Crude oil prices are rising despite the IEA's decision to release 400 million barrels from emergency stockpiles, with the IEA noting that the war against Iran is disrupting 7.5% of global oil supply and is expected to cut global oil supply by 8 million barrels per day this month [1][3] - WTI crude oil prices increased by more than 9% after Iraq suspended oil terminal activity due to an attack by Iran on two tankers, and Oman temporarily evacuated a key oil export hub [4] - Fertilizer stocks are climbing due to supply disruptions from the closure of the Strait of Hormuz, with CF Industries Holdings up more than 10% [18] Banking and Credit - Credit concerns are impacting bank stocks and asset managers as Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid high investor demand [2][17] - Morgan Stanley and KKR are down more than 4%, while Goldman Sachs is down more than 3% [17] Stock Market Performance - The S&P 500 Index is down 1.22%, the Dow Jones Industrial Average is down 1.32%, and the Nasdaq 100 Index is down 1.46% [5] - Airline and cruise line stocks are falling due to rising crude oil prices, with Carnival and Royal Caribbean down more than 6% [15] - Chip stocks are also declining, with major companies like Lam Research and Micron Technology down more than 4% [16] Economic Indicators - US weekly initial unemployment claims fell by 1,000 to 213,000, indicating a stronger labor market than expected [7] - January housing starts unexpectedly rose by 7.2% month-over-month to an 11-month high of 1.487 million, while building permits fell by 5.4% month-over-month to a 5-month low of 1.376 million [8] Earnings Reports - Over 95% of S&P 500 companies have reported Q4 earnings, with 74% beating expectations and an expected earnings growth of 8.4% for Q4 [9] - G-III Apparel Group is down more than 12% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million [19] - UiPath is down more than 5% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million [20]