What Happened?

A number of stocks fell in the morning session after oil prices surged amid escalating conflict in the Middle East. 

Brent crude prices soared past $110 a barrel for the first time since 2022 as the conflict threatens oil production and key shipping routes, such as the Strait of Hormuz. The disruption reportedly halted over 20 million barrels of oil per day. For the industrial sector, which includes manufacturing, transportation, and construction companies, higher oil prices translate directly into increased operational costs. Elevated fuel and energy expenses can shrink profit margins and signal a potential slowdown in economic activity, weighing heavily on investor sentiment for cyclical stocks.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• General Industrial Machinery company Icahn Enterprises (NASDAQ: IEP) fell 5.9%. Is now the time to buy Icahn Enterprises? Access our full analysis report here, it’s free.
• Aerospace company Astronics (NASDAQ: ATRO) fell 5.4%. Is now the time to buy Astronics? Access our full analysis report here, it’s free.
• Home Construction Materials company Gibraltar (NASDAQ: ROCK) fell 5.1%. Is now the time to buy Gibraltar? Access our full analysis report here, it’s free.
• Specialty Equipment Distributors company Herc (NYSE: HRI) fell 5.7%. Is now the time to buy Herc? Access our full analysis report here, it’s free.
• Home Construction Materials company Owens Corning (NYSE: OC) fell 5.4%. Is now the time to buy Owens Corning? Access our full analysis report here, it’s free.

Zooming In On Icahn Enterprises (IEP)

Icahn Enterprises’s shares are not very volatile and have only had 8 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 8 months ago when the stock gained 4.5% on the news that a new trade agreement between the United States and Japan spurred a broad market rally. 

The positive sentiment swept across markets after it was announced the U.S. and Japan had reached a new trade deal. The agreement included a 15% tariff on Japanese goods imported into the U.S. and a commitment from Japan to invest $550 billion in the U.S. and open its markets to American cars and agricultural products. This development boosted investor confidence and contributed to a widespread rally, lifting stocks across many sectors. The Dow Jones Industrial Average and the S&P 500 both posted gains, creating a favorable environment that likely benefited individual stocks.

Icahn Enterprises is up 3.2% since the beginning of the year, but at $7.72 per share, it is still trading 20.8% below its 52-week high of $9.75 from May 2025. Investors who bought $1,000 worth of Icahn Enterprises’s shares 5 years ago would now be looking at an investment worth $127.95.

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