WS #6715
The dominant narrative remains the escalating energy/geopolitical crisis, with new developments: a US Treasury plan to sanction Iraq's Deputy Oil Minister (WSJ), a drone from Russia damaging fuel storage tanks at an oil depot in Latvia (cross-corroborated by multiple sources), and Shell CEO/CFO commentary on LNG Canada, downstream margins, and Venezuelan gas priorities. The Strait of Hormuz blockade continues, with Polymarket showing bets on lifting by May 15-31. Fed's Hammack and Collins both signal higher-for-longer rates, with Collins opposing any easing bias and Hammack worried about price pressures. On the corporate side, Datadog surges 30% on Q1 beat and raised guidance, while Planet Fitness (-30%), Fastly (-35%), Accuray (-27%), and BYND (-13%) plunge on weak results/guidance. GPGI sees massive revenue growth guidance (FY2026 sales $1.95B-$2.1B vs $509M est.). The tech rally shows fragility with the S&P 500 driven by a narrow set of stocks (FT). The narrative arc is ESCALATING for energy/geopolitical risks, while tech is STABLE but with underlying fragility.
Key developments
- US Treasury plans to sanction Iraq's Deputy Oil Minister on Thursday - WSJ
- Drone from Russia damages fuel storage tanks at oil depot in Latvia
- Shell CEO says does not expect US government to implement export bans; CFO says squeezed downstream margins in Q2 will be buffered by gains elsewhere
- Boston Fed's Collins backed holding rates steady, opposed easing bias; Cleveland Fed's Hammack says rates on hold for quite some time
- Datadog surges 30% after Q1 beat, raises 2026 outlook
- Planet Fitness shares fall more than 30% following Q1 results, guidance cut
- Fastly stock crashes 35% Thursday
- Accuray stock tumbles 27% after earnings miss, guidance withdrawal