Apr 23, 2026

Oracle financing closes as chip rally extends record streak

Risk appetite stayed concentrated in AI infrastructure, with credit demand for data centers and chip momentum offsetting still-uncertain Iran diplomacy.• AI/Credit: Oracle’s $16 billion Michigan data-center financing closed; Bank of America sold $14 billion of 2045 private bonds at a 7.5% coupon, with Pimco buying about $10 billion.• Semis: The PHLX Semiconductor Index posted its 18th straight gain, its longest streak on record; AMD rose 14% and topped $500 billion in market value, while MaxLinear jumped 76%.• Airlines/Policy: The White House is considering using the Defense Production Act for a Spirit bailout, though officials called unannounced details speculative.• Iran/Oil: Iran again said no US meeting is planned in Islamabad; Brent settled up 0.2% at $105.19 after earlier touching $107.• AI/Legal: Musk dropped fraud claims against OpenAI and Altman, narrowing the trial to unjust enrichment and charitable-trust claims.

Nasdaq hits record as Iran denies plans for US talks

Tech strength outweighed war anxiety into the close, while the Pakistan diplomacy track became more contested and Washington escalated financial pressure on Iran’s oil buyers.• Markets/Tech: Nasdaq rose 1.6% to a record, the S&P 500 gained 0.8% to a record, Intel surged 24% for its biggest gain in 38 years, and Nvidia rose 4.3% to $208.26, its first record close since October.• Iran/Diplomacy: Iranian state media said Abbas Araghchi did not request talks with US officials in Islamabad, contradicting White House comments that Witkoff and Kushner would travel for talks with Iranian representatives.• Oil/Sanctions: The US sanctioned Hengli Petrochemical, China’s second-largest teapot refiner, and about 40 ships and firms over alleged Iran oil links.• Pharma: Lilly fell nearly 4% after Foundayo’s second-week US prescriptions trailed expectations, while Novo Nordisk ADRs rose nearly 6%.

Treasuries gain after DOJ drops Powell probe

Rates and policy headlines competed with worsening consumer data and fresh single-stock moves; diplomacy remained unresolved rather than confirmed.• Fed/Rates: DOJ ended its criminal probe into Powell/Fed renovation costs, shifting review to the IG; two-year yields fell as much as 5 bp to 3.78%, and Kalshi put Warsh confirmation by May 15 at about 70%.• Macro/Consumer: Final April Michigan sentiment fell to a record-low 49.8, while one-year inflation expectations rose to 4.7% and 5-to-10-year expectations to 3.5%.• Iran/Diplomacy: WSJ reported Araghchi will meet Pakistani officials but has no US mediator meeting scheduled; Pakistan may relay messages, contradicting earlier expectations for direct talks.• Tech/AI: Google plans up to $40B in Anthropic at a $350B valuation and will provide 5GW of cloud capacity over five years.• Telecom: CHTR fell 23%, its worst drop since listing, after losing 117,000 residential internet customers and missing EPS estimates.

Oil reverses lower after Pakistan officials say US-Iran talks are expected

Geopolitics still drove the tape, but oil gave back a spike after Pakistan signaled renewed talks while the Pentagon described a broader blockade.• Oil/Diplomacy: Brent rose to $107.48, then fell as much as 1.6% to $103.41 after Pakistani officials said a second round of US-Iran talks was expected.• Hormuz/Military: Hegseth said 34 merchant vessels had been turned around, another carrier group was joining, and the blockade would last as long as Trump decides; Gen. Caine said tanker seizures will continue.• Macro/Rates: Bloomberg’s economist survey lifted Q2 PCE inflation to 3.6% from 3.3% and now sees only one Fed cut this year.• Tech/AI: INTC gained about 27% premarket after guidance, while AMZN and META announced a multiyear AI chip-rental deal.• Consumer: PG rose after 3% organic sales growth, though management said the US consumer remains muted.

Oil risk stays elevated after Goldman says Gulf supply is down 57%

Energy inflation risk dominated: fresh estimates pointed to deep Gulf supply losses and a longer gas squeeze, while AI headlines added competition and financing risk.• Oil/Supply: Goldman estimated Persian Gulf oil output is running 14.5 million barrels a day, or 57%, below pre-war levels and said any restart would take months after a safe Hormuz reopening.• Diplomacy: NYT said Kushner and Witkoff will travel to Pakistan Saturday to meet Iranian officials; Iran’s foreign minister reportedly plans a written response to a US peace proposal.• Gas/Europe: IEA said the LNG glut is delayed at least two years; Europe begins banning spot Russian LNG Saturday, removing 2.8 million-3.5 million tons a year.• AI/Tech: DeepSeek launched V4 Flash/Pro with a million-token window; WSJ said Oracle’s OpenAI data-center debt is testing lender appetite.• Ags: Hard red winter wheat hit its highest since June 2024 as drought reached 70% of the production area.

Brent rises in Asia as TSMC jumps on Taiwan fund-rule easing

Oil kept a geopolitical bid in Asia, while Taiwan policy changes drove a chip-led outlier rally and fresh data points showed the Iran shock spreading into inflation, defense replenishment and staffing assumptions.• Oil/Markets: Brent gained 1.1% to $106.17 in Asian trading as the US enforced its blockade; Hang Seng and CSI 300 fell 0.7%, while S&P 500 futures rose 0.1%.• Semis/Taiwan: TSMC rose as much as 4.8% to a record after Taiwan moved to ease single-stock fund caps; JPMorgan estimated more than $6 billion of possible inflows.• Defense: NYT said the US has used about 1,100 long-range stealth cruise missiles, more than 1,000 Tomahawks and 1,200-plus Patriot interceptors in the Iran war, raising replenishment stakes.• Inflation/China: Chinese exporters began lifting prices on oil-linked costs; Bloomberg Economics said above-3% inflation in major economies is “back in play” for 2026.• Staffing/Autos: Robert Half guided to 1%-3% Q3 adjusted revenue growth, its first since 2022; BYD’s average China discount hit a record 10% in March.

Oil settles higher after third US carrier reaches Middle East

Risk stayed geopolitically driven, but after-hours focus shifted to chip earnings and large-cap cost cuts.• Hormuz/Oil: WTI settled 3.1% higher at $95.85 and Brent at $105.07 after the USS George H.W. Bush reached the region, putting three US carriers in Centcom waters; the S&P 500 closed down 0.4%.• Middle East: Trump said the US would not use a nuclear weapon on Iran and separately said Israel and Lebanon extended their cease-fire by three weeks.• Semis: INTC rose about 14% late after Q1 revenue beat at $13.6 billion and June-quarter revenue guidance of $13.8 billion-$14.8 billion topped estimates.• Tech Labor: META plans to cut 10% of staff, about 8,000 jobs, and leave 6,000 open roles unfilled to offset AI spending.• Industrials/Travel: FCX cut five-year Grasberg copper and gold output forecasts by 9% and 7%; Trump said he is considering a US purchase of Spirit.

Oil firms after Israel says it awaits US nod to attack Iran

Risk tone was stable but fragile: hotter activity data limited bond reactions, while Hormuz shipping remained effectively frozen and company-specific moves widened.• Hormuz/Israel: Israel’s defense minister said the military was waiting for a US green light for a “lethal” attack on Iran’s leadership and energy infrastructure.• Shipping/Energy: WSJ said none of the top 10 tanker and container owners was accepting Hormuz cargo; Hapag-Lloyd said lines were in “waiting mode” and saw no exit option.• Macro/Rates: S&P Global’s US composite PMI rose to 52, and output prices hit the highest since mid-2022; the 10-year yield stayed in a 16-bp April range, the tightest since 2020.• Tech: Microsoft offered voluntary retirement to about 7% of US workers, its largest buyout program of that scale, according to Bloomberg.• Consumer/Biotech: LULU fell more than 12% after naming ex-Nike executive Heidi O’Neill CEO; Regeneron rose after agreeing to lower some drug prices and winning a rare-deafness gene-therapy nod.

Oil firms after Trump orders Navy to shoot mine-laying boats

US risk appetite softened into the open as Trump escalated Hormuz rules of engagement, while earnings were mixed and cannabis drew a policy-driven bid.• Hormuz/Oil: Trump ordered the Navy to “shoot and kill” boats placing mines in the strait and said minesweeping would triple; NYT noted mining has not been confirmed. S&P and Nasdaq futures fell 0.3%, while Brent rose 0.5% to $102.44.• Cannabis: DOJ moved state-licensed marijuana from Schedule I to Schedule III; Tilray rose as much as 13% premarket and pot stocks broadly jumped.• Earnings: Comcast beat with revenue of $31.5 billion and broadband losses of 65,000 versus nearly 170,000 expected; Honeywell missed sales at $9.1 billion.• Airlines/Defense: American’s Q1 loss narrowed but it flagged more than $4 billion of added fuel costs; Lockheed fell after negative $291 million FCF.

Oil hits two-week high after US intercepts Iranian tankers

Energy risk intensified, European growth data weakened, and several large-cap equity stories added stock-specific pressure before the US open.• Energy/Shipping: Brent rose as high as $106 before easing to $104 after Centcom said US forces intercepted Iranian tankers Hedy and Hero II; the Dorena was being escorted by a US destroyer.• Energy/Supply: IEA chief Fatih Birol called the disruption the largest energy crisis in history, citing 13 million barrels a day of oil and 100 bcm of gas lost.• Macro/Europe: Euro-zone composite PMI unexpectedly fell to 48.6, with Germany at 48.3 and France at 47.6; economists said the data could reduce odds of an ECB hike next week.• Tesla: TSLA fell premarket as investors focused on $25 billion of planned capex and expected negative free cash flow for the rest of 2026.• Telecom: Deutsche Telekom is exploring an early-stage combination with T-Mobile US, which analysts said could be negative for TMUS holders.

Hormuz traffic halts after Iran boards ships

Geopolitical risk stayed the main cross-asset pressure point, with fresh evidence that Hormuz traffic has stalled, while AI policy and company updates added stock-specific signals.• Energy/Shipping: Bloomberg said Hormuz traffic stopped Thursday after Iran fired on commercial ships and boarded MSC Francesca and Epaminondas; only LB Energy was moving, and Ocean Jewel aborted transit.• Defense/Policy: Navy Secretary John Phelan was fired effective immediately, with no public explanation, during the blockade.• AI/Controls: A House committee advanced 20 bipartisan export-control bills, including measures targeting Nvidia Blackwell sales to China and H200 license oversight.• Tech/AI: Microsoft committed A$25 billion ($17.9 billion) to Australian AI and cloud capacity by end-2029.• Tesla: TSLA faces another China FSD delay, with broader approval now expected by Q3.

Tesla reverses after Musk sets $25 billion capex plan

After-hours focus shifted to Tesla’s heavier spending roadmap, while AI memory demand and fuel pressure added separate cross-sector signals.• Tesla: TSLA swung from a 4.4% postmarket gain to negative after Musk and CFO Vaibhav Taneja said 2026 capex will exceed $25 billion, up from about $20 billion planned previously; the stock was down about 2.5% near the call’s end.• Tesla/Intel: Musk said Tesla will spend about $3 billion on a Giga Texas research chip fab and plans to use Intel’s 14A technology; INTC rose more than 3% on the call headline.• Airlines: Southwest said full-year profit guidance is at risk if fuel prices do not fall; LUV dropped about 3.7%-4.5% after hours.• Semis/Macro: SK Hynix beat estimates on AI chip sales and memory pricing, while South Korea GDP rose 1.7%, above all forecasts.

Tesla rises after earnings beat

Earnings took the after-hours lead, while Washington signaled tolerance for Iran’s latest ship seizures and US equities closed at a record despite oil above $100.• Tesla: TSLA rose more than 3% after adjusted EPS of 41 cents beat the 34-cent estimate and revenue reached $22.4 billion; Tesla also said Model S/X lines will be replaced by first-generation Optimus production in Fremont.• Iran/Energy: The White House said Iran’s seizure of international vessels was not a cease-fire violation; Centcom said 31 vessels were directed to comply with the blockade and only one ignored warnings.• Markets/Oil: The S&P 500 rose 1.1% to a fresh record, while front-month Brent gained 3.5% to $101.91.• Chips/Software: TXN guided Q2 revenue to $5.0 billion-$5.4 billion above consensus; NOW fell about 13% after Middle East deal delays.• Credit Scores: FICO fell as much as 16% after US housing agencies moved to implement new mortgage credit-score models.

Spirit surges after US rescue package nears

Single-name moves led the tape, with federal support talk squeezing Spirit and AI/power demand lifting cyclicals. Iran risk stayed active through diplomacy and dollar-funding channels rather than a fresh oil-price breakout.• Airlines: Spirit Aviation shares more than doubled after reports the Trump administration is nearing, but has not finalized, up to $500 million of financing for warrants.• Semis/Power: The Philadelphia Semiconductor Index rose as much as 1.9%, on track for a 16th straight gain; GE Vernova jumped as much as 15.2% after data-center/grid orders surged to $2.4 billion.• Iran/Diplomacy: US officials said Trump will give Iran only a few days to offer a peace plan, while mediators target possible Friday talks; Bessent said Gulf and Asian allies requested swap lines.• Cannabis: Bloomberg reported DOJ could move marijuana to Schedule III as soon as Wednesday; MSOS and TLRY were indicated higher.• Private Credit: Blackstone and KKR are restructuring Affordable Care’s $1.4 billion loan; BCRED marked its position at 69.8 cents.

Iran attacks third Hormuz ship while US futures rise

US futures stayed higher even as shipping risk worsened in Hormuz, while earnings and AI announcements added stock-specific support before the open.• Iran/Shipping: People familiar said Iran’s IRGC fired on a third ship, the Euphoria, after attacks involving Francesca and Epaminondas; UKMTO has logged 22 regional vessel-attack reports since the war began.• Markets/Energy: S&P 500 futures rose 0.6% and Nasdaq 100 futures 0.8% at 8:02 ET; Brent traded near $99, below the earlier $100 spike but still elevated.• Iran/Contradictions: Greece denied Iran’s claim that the Greek-owned Epaminondas was seized, while Iranian officials said the US blockade required a military response.• Tech/AI: Google unveiled TPU 8t and 8i chips, new enterprise AI agents and a $750 million consultant-adoption fund.• Earnings: Boeing rose after cash burn beat estimates; AT&T and Elevance also topped expectations.

Brent hits $100 after Iranian ship attacks escalate

Shipping risk re-escalated around Hormuz, pushing crude back to a key level and pressuring fuel-sensitive sectors, while single-name legal and regulatory items added separate catalysts.• Iran/Shipping: UKMTO said two cargo ships were fired on near Iran/Oman; one bridge was heavily damaged and another stopped in the water. Iranian media said the IRGC seized the MSC Francesca and Greek-owned Epaminondas; crew were reported safe.• Oil/Airlines: Brent rose 1.4% to touch $100 after the vessel reports. Lufthansa said it will cut 20,000 short-haul flights through October, citing a doubling in jet fuel prices, and Finnair warned on fuel availability.• Software/Antitrust: Microsoft must face a UK cloud-licensing class action covering about 59,000 organizations; claimants estimate potential damages above £1.7 billion.• Banks/Capital: UBS rose after Tippinpoint reported Switzerland will soften parts of planned capital rules, though foreign-activity CET1 backing may remain.

Virginia map passes as Iran talks stall

Political risk and Iran diplomacy dominated late news, with US futures firmer but oil still pinned near recent highs.• Politics: Virginia voters approved a Democratic congressional map that could add as many as four House seats, while Republicans said litigation will continue.• Iran/Energy: Vance indefinitely canceled the Islamabad trip; IRGC-linked Tasnim said Iranian officials will not attend Wednesday talks, and Trump said ending the blockade would prevent a deal.• Markets: S&P 500 futures rose 0.6% in Asian trading, while Brent was flat at $98.46 and the 10-year yield held near 4.29%.• Energy Policy: The White House is considering renewing a Jones Act waiver that has helped move about 9 million barrels of US oil.• Apple: Bloomberg reported incoming CEO John Ternus faces retention pressure after senior departures and near-exits.