👋 Good morning! Despite a Hormuz blockade, an outlook warning from Goldman Sachs, and oil still surfing the $100 per barrel, the stock market resumed its progress up and to the right.
With the S&P 500’s (^GSPC) 1% gain, it’s only about a percent off its pre-Iran conflict level — when a barrel of oil was just $65!
On Monday, the Dow (^DJI) and Nasdaq (^IXIC) rose 0.6% and 1.2%, respectively.
On the agenda this morning:
🛢️ The US’s cork in Hormuz ushers in a new phase in the war
🏦 Goldman rakes it in, but issues a warning
📈 Wall Street is still very bullish — and it’s raising some eyebrows
🏷️ Some bad financial news for everybody
🔮 Prediction markets look out for ChatGPT 5.5
💳 The kids are making credit card mistakes
📆 What we’re watching Tuesday: It’s Big Bank day, with JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) set to open their books, as well as Johnson & Johnson (JNJ), BlackRock (BLK), Albertsons (ACI), CarMax (KMX), and Rent the Runway (RENT).
We’ll be watching for consumer insights in addition to Wall Street’s financials and outlooks.
‼️ OpenAI CEO Sam Altman reportedly targeted in second attack. The second attack comes after a Molotov cocktail exploded at his house on Friday.
🍪 Chip stocks have been on a tear with the Iran conflict raging. The Philadelphia Semiconductor Index had its biggest eight-day rally since 2002.
📈 Taiwan Semiconductor is set to join in that party. Estimates point to ‘insatiable’ AI demand.
🏡 Home sales sank in March. Low rates didn’t bring back buyers.
🇭🇺 End of the Orbán era: Party is just starting for Hungarians.
💸 7 common tax-filing mistakes Americans make and how to avoid them.
🍿 Hollywood has big merger thoughts. Over 1,000 Hollywood stars oppose Paramount-WBD deal in open letter.
⛽️ Gas prices ‘likely to jump again’ as oil soars above $100. The AAA national average gasoline price hovered around $4.12.
🚕 Tesla’s Full Self-Driving gets Dutch sign-off. This paves the way for future European approval.
🚀 Starlink is extremely important to SpaceX’s IPO. While SpaceX has plenty of government contracts, Starlink is core to its business and growth.
🥇 Silver vs. gold: Which metal made investors more money in the last 50 years?
See what else is trending on Yahoo Finance.
With the US Navy’s blockade of the Strait of Hormuz now in effect after talks bore no fruit, the Iran war has entered a new phase.
President Trump has threatened that any boat that comes close to the naval blockade will be “eliminated.” No ships may pass through to or from Iranian ports, and those that do will be intercepted, captured, or diverted. Iran, for its part, has said it would target Gulf states’ ports should its own be threatened.
