What Happened?

A number of stocks jumped in the afternoon session after the price of oil fell and concerns eased regarding potential supply chain disruptions from the conflict in Iran. A barrel of benchmark U.S. crude dropped 4% to $94.75, alleviating some economic pressure. This, combined with abating fears over a prolonged closure of the Strait of Hormuz, helped fuel a broad market rally. The S&P 500 jumped 1.2%, putting it on track for its best day in five weeks, while the Dow Jones Industrial Average and the tech-heavy Nasdaq also saw significant gains. The positive sentiment was widespread, with technology, consumer discretionary goods, and real estate companies leading the advance as investors reacted to the improved macroeconomic outlook.

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:

• Consumer Discretionary - Travel and Vacation Providers company Choice Hotels (NYSE: CHH) jumped 3.1%. Is now the time to buy Choice Hotels? Access our full analysis report here, it’s free.
• Consumer Discretionary - Travel and Vacation Providers company Wyndham (NYSE: WH) jumped 3%. Is now the time to buy Wyndham? Access our full analysis report here, it’s free.
• Consumer Discretionary - Real Estate Services company Newmark (NASDAQ: NMRK) jumped 2.4%. Is now the time to buy Newmark? Access our full analysis report here, it’s free.
• Consumer Discretionary - Leisure Facilities company Sphere Entertainment (NYSE: SPHR) jumped 4%. Is now the time to buy Sphere Entertainment? Access our full analysis report here, it’s free.
• Consumer Discretionary - Travel and Vacation Providers company United Airlines (NASDAQ: UAL) jumped 3.5%. Is now the time to buy United Airlines? Access our full analysis report here, it’s free.

Zooming In On Sphere Entertainment (SPHR)

Sphere Entertainment’s shares are very volatile and have had 27 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 6 months ago when the stock gained 7.3% on the news that the company announced it had repurchased $27.5 million of its Class A common stock, signaling management's confidence in its long-term growth. Sphere Entertainment bought back 629,028 shares at an average price of $43.72 per share between August 21 and August 29, 2025. Share repurchases reduce the number of shares available on the market, which can increase the value of the remaining shares. The company stated that the move reflects its belief in the future of its Sphere business. Investors may also be encouraged by the fact that Sphere Entertainment still has approximately $322.5 million remaining under its existing share repurchase authorization, leaving the door open for further buybacks. Adding to the positive sentiment, the company recently secured trademarks for “Sphere Doha” and “Sphere Qatar,” hinting at potential international expansion.

Sphere Entertainment is up 16.8% since the beginning of the year, and at $110.12 per share, it is trading close to its 52-week high of $119.01 from February 2026. Investors who bought $1,000 worth of Sphere Entertainment’s shares 5 years ago would now be looking at an investment worth $1,050.

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