Morning Brief: Mr. Warsh goes to Washington

👋 Good morning! Monday saw Friday's euphoria get corrected by Iran quality erstwhile again. But possibly not arsenic overmuch arsenic 1 mightiness person expected.

The escalating hostility successful the Strait of Hormuz, which Iran says is closed and successful which the US seized an Iranian ship, sent lipid futures up astir 5% backmost into the mid $90s.

But stocks lone flinched a little. The S&P 500 (^GSPC) fell conscionable 0.2% and the Nasdaq (^IXIC) 0.3% arsenic the Dow (^DJI) stayed flat.

With President Trump saying the two-week ceasefire, expiring Wednesday evening successful D.C., is improbable to beryllium extended, markets inactive person thing to watch.

On the docket this morning:

🍏 Goodbye, Tim Cook and hello, John Ternus

🤩 Wall Street is acrophobic of 'too overmuch optimism'

🏦 Mr. Warsh goes to Washington

💼 Workers hatred the wage but won't leave

😬 How the large banks truly feel

⛽️ One past portion of atrocious quality — for drivers

📆 What we're watching Tuesday: United Airlines (UAL) headlines today's net calendar (preview here), on with a large swath of firm results crossed industries: aerospace and defence (RTX, Northrop Grumman, GE Aerospace); concern and security (Capital One, Chubb, Interactive Brokers, Synchrony); lipid and state (Halliburton); and retail (Tractor Supply Company).

We've besides got a precise adjacent oculus connected retail sales, expected to travel successful beardown arsenic the user "does it again" contempt immoderate blustering headwinds.

🤖 The AI commercialized is fueling the marketplace to grounds highs — contempt Iran war.

🌈 Psychedelic drugmakers leap arsenic Trump fast-tracks FDA reviews.

🥶 Cleveland-Cliffs banal drops connected $80 cardinal Q1 vigor cost. The utmost acold drawback was to blame.

🛰️ How Charlie Ergen's SpaceX windfall could nett billions. The outer cablegram supplier made a immense stake that is looking good.

🤖 CEOs should beryllium 'ringing the occurrence alarm' connected AI reorganization, Writer co-founder says.

✈️ JetBlue CEO says hose isn't considering filing for bankruptcy, Bloomberg News reports. That's truly thing you don't privation your CEO to person to say, connected the different hand.🤚

💸 Refund portal opens for tariffs struck down by Supreme Court. Checks should travel successful the summer.

🍁 GLP-1 roar nudges cannabis dispensaries to rethink offerings.

⚡️ Tesla is past successful the 'Magnificent 7' rally. But it's going to beryllium the archetypal to study quarterly results.

🏡 Home sellers outnumber homebuyers successful low-demand market. The fig of buyers successful the marketplace is approaching aboriginal pandemic lows.

₿ Bitcoin's comeback won't hap successful 2026. At least, that's what consumers are telling Deutsche Bank surveys.