Dow Taps Record as Crude, Tech Cool Off

The major indexes are pulling back from earlier gains to trade mixed at midday. Investors are focused on reports that Iran will reopen the Strait of Hormuz, pressuring crude prices back below $90 and sending the Dow Jones Industrial Average (DJI) to a fresh record high. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are cooling off from the Micron-induced tech surge, with Zscaler (ZS) trailing, adding pressure and dragging the broader cloud sector down with it. 

Continue reading for more on today's market, including:

• Retail stock surging after quarterly blowout.
• More on Zscaler stock's major post-earnings pullback.
• Plus, call traders circle PEP; soccer team scoring big gains; and a struggling retail stock.

Beverage behemoth PepsiCo Inc (NASDAQ:PEP) was last seen up 2% to trade at $148.65, continuing its whipsaw price action on the charts. While the catalyst remains unclear, call traders are circling, with 45,000 contracts traded already today. This amount is six times the average daily pace, with the September 170 call being most popular and seeing selling activity. PEP is currently clinging to a 3.5% year-to-date gain.

One of the top performers on the New York Stock Exchange (NYSE) is Manchester United PLC (NYSE:MANU), up 12.5% at $22.19 at last glance, after the English soccer club posted a fiscal third-quarter revenue rise of 18% and hiked its full-year revenue outlook. This is overshadowing a Q3 net loss of roughly $16 million. MANU has been climbing the charts this year, closing out the 25/26 Premier League season with a 57% year-over-year gain. The shares also tapped a nearly three-year high of $22.56, with the 100-day moving average capturing its April pullback.

Retailer Capri Holdings Ltd (NYSE:CPRI) is near the bottom of the NYSE, last seen down 5.4% to trade at $17.50, brushing off a fiscal fourth-quarter profit beat after quarterly sales disappointed once again. The Michael Kors parent has shed 28% in 2026 and is continuing back toward its late-March lows.