Happy Friday! The Strait of Hormuz is not just an oil story. A brewing supply shock is suddenly igniting a powerful new market trade, one that investors are just starting to notice. Discover the hottest stocks now.

Plus, Cathie Wood just spent a week quietly snapping up a small-cap stock that’s flying under the radar. Find out which company has her attention and if this could be her next big play.

Also, if you’re looking for a cutting-edge investment in next-generation AML treatments, check out today’s sponsor.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

Wall Street’s Hottest Trade Just Shifted

Just weeks after AI-driven chip stocks dominated Wall Street screens, a completely different trade is suddenly stealing the spotlight.

Rising tensions and the standstill around the Strait of Hormuz is impacting a critical market at its most important time: the growing season. Fertilizers, which play a massive role, remain stuck and prices are skyrocketing.

While some big moves have already been made, there’s still plenty of room left to run. Read on to see which companies are the biggest winners and have the most upside.

Aptevo’s AML Drug Shows 86% Clinical Benefit Rate As Growing Body Of Data Suggest Additive Benefit To Standard Of Frontline Patient Care

Acute myeloid leukemia (AML) remains one of the most difficult blood cancers to treat—particularly for older patients or those with other health conditions who cannot tolerate intensive chemotherapy. For these patients, treatment options are limited and outcomes are often poor.

Aptevo Therapeutics (Nasdaq: APVO) is developing mipletamig, an experimental therapy designed to work alongside the current frontline standard of care, venetoclax and azacitidine. New interim data from ongoing clinical trials show strong remission rates in a growing number of evaluable patients, while maintaining a favorable safety and tolerability profile. Importantly, no patients treated to date have experienced cytokine release syndrome, a common safety concern with immune-engaging therapies.

Collectively, the emerging data suggest that mipletamig may be additive to the current frontline treatment approach, potentially improving efficacy outcomes without materially increasing toxicity for older and/or unfit AML patients.

“Our frontline data show that mipletamig has the potential to play a meaningful role in the future frontline AML treatment,” said Marvin White, President and Chief Executive Officer of Aptevo Therapeutics. To learn more about Aptevo and mipletamig, click here.

This is a paid ad. Please see 17b disclosure here for more information.

Yesterday: U.S. indexes finished sharply lower again, with the major indexes posting their lowest closes of the year, as geopolitical tensions and surging oil prices rattled investor sentiment. The Dow fell more than 700 points to finish below the 47,000 level for the first time this year, while the S&P 500 declined 1.5%. Markets came under pressure after Iran’s Supreme Leader signaled that the Strait of Hormuz will remain closed. Crude prices surged in response, jumping nearly 10% and closing above $100 for the first time since August 2022. Rising energy prices has also prompted bond markets to push back expectations for the Federal Reserve’s first rate cut this year from June to October, as well as factoring in just one rate cut this year.

On Our Radar: Analysts will be paying attention to several notable reports today, including GDP, personal income, consumer spending, job openings and PCE. With regards to earnings, all eyes will be on Dollar Tree (DLTR) and Semtech (SMTC) which will report earnings on Monday.

Fertilizer and chemical stocks led the way as the halt at the Strait of Hormuz has choked global supplies. CF Industries (CF) and The Mosaic Company (MOS) continue to benefit by being some of biggest gainers of the day again. Oil also continues to climb as it jumped 8% to close above $100 for the first time in years. Meanwhile, Lucid (LCID) and e.l.f. Beauty (ELF) fell hard, and were among the day’s top laggards. But those weren’t the only companies making big moves. Here’s a look at some of the biggest winners and losers on Thursday.

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Trading Ban: Congress may soon be barred from trading stocks — and several members aren’t happy. Click to see which lawmakers could be hit the hardest and why the timing might be perfect.

IPO Ignition: Elon Musk’s SpaceX could get a fast pass into the S&P 500, and it’s got investors talking. Discover what this could mean for portfolios everywhere.

Stock Of The Day: Traders are watching Nvidia like a hawk, and for good reason. See the pattern that could unlock its next big move.

Lipstick Loss: Ulta’s earnings were glossy, but the stock still smudged in after-hours trading. What’s the reason and is this a dip-buying opportunity or a red flag?

Cyber Slump: SentinelOne’s topped earnings estimates, but shares are tanking. Click to see why this cybersecurity giant might be in for a “rough patch” despite strong growth.

Celsius ($CELH) CEO John Fieldly On Brand Strategy And The Better-For-You Energy Shift

John Fieldly, Chairman & CEO of Celsius Holdings ($CELH), breaks down Celsius’ transformation from a turnaround story into a multi-brand energy platform. Fieldly discusses the company’s 2025 financials, portfolio strategy across Celsius, Alani Nu, and Rockstar, and why the “better-for-you” movement continues to reshape the energy category. He also shares how Celsius is thinking about retail execution, international expansion, capital allocation, and building iconic consumer brands.

On This Day In 1986…

Microsoft Corporation went public at $21 per share, raising about $61 million in one of the most impactful IPOs in U.S. market history. At the time, the company was valued under $1 billion, but quickly grew into a global technology powerhouse, pioneering software, cloud computing, and AI services. Today, Microsoft has surpassed a $3 trillion market capitalization, joining the ranks of the most valuable companies in the world.

QUOTE OF THE DAY

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.“

— Ayn Rand

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Future Finance: Where fintech, crypto and the future of finance collide. Future Finance is a perfect lunch read packed with quick bites for industry enthusiasts. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis, and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.