The bell's bringing an end to the trading day at the NYSC's suburban propane, ringing the bell and at the NASAC Progeny, doing the honors. Welcome to closing bell overtime. We're locked from studio at the NASAC market site. I'm Melissa Lee, along with Mike Santoli. Sox lower for the second straight day on fears, peace talks are breaking down. The Dow lower by nearly 300 points. The S&P 500 and NASAC both down by 610% more in the markets straight ahead. Our markets team is at the ready.

Christina Parts, 300 points. The S&P 500 and NASAC both down by 610% more on the markets straight ahead.

Our markets team is at the ready. Christina Parks and Nevelas on the markets. Pippa Stevens as

oil prices rise, Rick Santelli on the bond market reaction, and we've got some after the bell

earnings. Phil LeBoe waiting for United and Husson on Capital One. So you mentioned a second straight down day.

I think the question, broadly speaking, is, does this just digestion period turn into indigestion?

Right.

So Friday, we talked about how after such a sprint higher, the direction of surprise might be to the downside.

In other words, any variation from the resolution theme in Iran.

And then really the Kevin Worse stuff today, yields were up, oil was up. I don't think there

was a lot of specific news in the war sharing, but the betting odds for him being approved by May 15th

actually did fall from 32 to 25%. So not a major change, but it just sort of shows at the margins.

There's a slight rethink going on to the background of what drove us to this point.

In meantime, the earnings so far that we have gotten in terms of the guidance, in terms of the beats,

we've gotten a number of companies that have beat, but are not raising their full year of guidance by as much as they beat. UNH, NOC, Northrop Grumman, as well as GE Airspace, 3M. They all fall into that category where they had substantial beats, but they are not willing to go out on a limb and raise the fullier guidance by as much as they beat. They're kind of keeping some powder dry there. Exactly. And, you know, we did talk about how obviously the month of March was when the conflict and the oil shock happened. The final month of a quarter, you're fashioning your year-ahead guidance. And, you know, so some caution makes sense, but the fact that the stocks mostly backed off in reaction to that. GE in particular, it does show you. We weren't fully prepared,

I guess, for that little dose of uncertainty. Yeah. Meantime, United earnings are out. Let's get to Phil

LeBow's got the numbers. Hey, Phil? It's a beat on the top and the bottom line for United Airlines.

But again, as I've been saying all day long, the estimates have come down dramatically, not just

for United, but all the airlines because of the impact of jet fuel.

United earning a buck 19 and share in the first quarter. The street was at a buck 07. Revenue

coming in at $14.61 billion, just above the estimate of $14.37 billion. The numbers within the

numbers, with the exception of jet fuel, these are strong numbers. Revenue per seat mile, up 7.4% compared to the same quarter last year, cost per seat mile, up 5.9% compared to the first quarter of last year. Now you start to see the impact of jet fuel, especially when you look at jet fuel, the cost alone, up 12.6% year over year, pre-tax margin of 3.4%.

...