Welcome to Markets Desk, your midday read on what's moving markets and the broader economy.
U.S. crude oil exports have surged to a record high as tankers crowd the Gulf Coast, capitalizing on supply disruptions triggered by the Iran war. The geopolitical shock has effectively redirected global energy flows toward American producers, handing domestic drillers and exporters a significant windfall at a moment when energy markets remain on edge.
Shifting to tech, ServiceNow has been under serious pressure, with shares down more than half over the past year as investors fretted that artificial intelligence would hollow out the software-as-a-service model entirely. But the company appears to have found a strategic answer to that threat, repositioning its platform in a way that analysts say could make the stock genuinely compelling at current levels.
And rounding out the picture, Corning fell sharply this week despite actually beating first-quarter expectations, a reminder that in this market, meeting the bar is not always enough. When guidance disappoints or the setup is crowded, even a solid earnings print can send shares lower as investors reprice what comes next.
That's the tape. Markets Desk, signing off the floor.
