Closing Bell: Equities Bounce off Lows, Yields Advance; QCOM CFO on Apple

Markets were largely flat Thursday as hopes for U.S.-Iran negotiations to restore energy flows through the Strait of Hormuz offset rising bond yields.

The S&P 500 (SPX) and the Nasdaq-100 (NDX) barely moved. The Dow Jones Industrial Average ($DJI) slipped 0.31% and the small-cap Russell 2000 (RUT) declined 0.11%. The CBOE Market Volatility Index (VIX) jumped to 15.63.

Treasury yields extended their advance, with the 10-year yield topping 5.181% on the session and the 30-year topping 5.47%. WTI crude futures settled at $94.61 per barrel, up 2.66%, as attacks within the Strait of Hormuz continued to escalate. Key refined products such as diesel moved lower, however, on hopes that Iran and the U.S. could shift toward a phased deal that puts product supply at the forefront of negotiations.

In Washington, President Xi Jinping’s reciprocal visit with President Donald Trump took root, marking Xi’s first visit since September 2015. A state dinner follows Thursday evening. Treasury Secretary Bessent said the two sides agreed to a two-month extension of the 11-month trade truce, according to reports. Trump said he and Xi have made "tremendous strides," are working toward a more balanced trade relationship, and will discuss security, technology, and artificial intelligence. See Historic Yields Clash with U.S. Economy Strength as Trump-Xi Summit Begins

Three things to know from Thursday’s market action:

Qualcomm Extends Apple Patent Agreement; What CFO Said

Qualcomm (QCOM) said Apple (AAPL) renewed its global patent license agreement, effective April 1, 2027, replacing the current deal that expires March 31, 2027. Terms and duration were not disclosed. Shares of Qualcomm slipped 1.51%, while Apple stock fell 0.33%. The renewal keeps Apple tied to part of Qualcomm's patent portfolio even as the iPhone maker reduces its reliance on Qualcomm modem chips. Licensing (QTL) accounted for roughly 15% of Qualcomm's total revenue in the June quarter, and management warned in July that Apple-related revenue would decline faster than expected. The agreement traces back to the April 2019 settlement that ended a two-year global legal battle over wireless-patent royalty. Qualcomm leaders have said they are looking to data center growth and CFO Akash Palkhiwala said Qualcomm is “very excited about our diversification plan” as it replaces Apple revenue. See Qualcomm (QCOM) CFO & COO on Snapdragon Chips, Agentic AI & Future Beyond AAPL

Oracle Issues Force Majeure Notice on New Mexico Data Center Project

Oracle (ORCL) shares fell 3.47% after Bloomberg reported the company issued a force majeure notice to a unit of Blue Owl Capital (OWL) tied to development of Project Jupiter, Oracle's massive New Mexico data center build. The notice reportedly seeks flexibility to delay certain payments if the project slips and fails to become operational by its targeted 2028 launch, protecting Oracle from potential cost increases. An Oracle spokesperson said such notices are common in developments of this scale and are often used to preserve contractual rights among project partners. See Example Trades: ORCL, COST, OKTA | Fast Market and Force Majeure No Issue for ORCL? Cory Johnson's Bullish Contrarian Take

AI Neocloud Names CoreWeave and Nebius Rise After Upgrade

Shares of CoreWeave (CRWV) rose 3.7% after JPMorgan upgraded the stock to Overweight from Neutral and raised its price target to $125 from $120. It cited favorable compute pricing and strong demand as the company leans into short-term contracts at premium rates. The firm also raised its revenue and margin forecasts, noting the fundamentals contrast with a share price held back by investor concerns about capital intensity. Separately, BNP Paribas upgraded Nebius (NBIS) to Outperform from Neutral and lifted its price target to $399 from $260, an increase of about 53%. Nebius shares jumped 7.44%. See Chart of the Day: NBIS | Morning Movers

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