Energy stocks rise, cruise lines and airlines fall premarket as oil jumps; Rivian drops after 75 million-share offering

According to CNBC, shares of energy companies rose in premarket trading as U.S. oil prices surged after President Donald Trump said the ceasefire with Iran is over, with Diamondback Energy up more than 3%, APA Corporation and Occidental Petroleum up more than 2.5%, Chevron up more than 2%, and Exxon Mobil up 1.5%. Companies exposed to higher fuel costs fell, including Carnival Corporation down 3.5%, Norwegian Cruise Line down 3%, United Airlines down 3%, and Delta Air Lines down nearly 2%. SpaceX rose just under 0.5% premarket after a more than 6.5% decline Tuesday, and CNBC said the stock closed Tuesday below its IPO first-trade price of $150. Memory stocks extended declines, with Sandisk down more than 5.5%, Western Digital down 5%, Micron Technology down 4.5%, and Seagate Technology down 3.5%. Bath & Body Works fell more than 4% after Goldman Sachs downgraded the stock to sell from neutral, while Estee Lauder slipped 2% after a regulatory filing put estimated restructuring costs at $1.75 billion versus a prior estimate of about $1.55 billion. Rivian Automotive fell nearly 4% after dropping 18% Tuesday following its announcement of a public offering of 75 million shares to raise capital.