“Champions behave like champions before they’re champions.”
-Bill Walsh
Here’s what you need to know this week:
- Iran ceasefire sends stocks to all-time highs
- The ceasefire ends in less than 24 hours and negotiations resume
Ceasefire (Again)
Stocks soared to all-time highs last week on news that the Strait of Hormuz was fully open once again. President Trump and Iran’s Foreign Minister both put out statements on Friday announcing that the Strait was clear for all commercial traffic while the US and Iran hammer out a broader peace deal; the S&P 500 and NASDAQ both notched new highs on the news while the Dow Jones reached within 1% of its own high[1]. Oil prices fell on the hopes of the conflict reaching a resolution, but these hopes proved once again to be short-lived.
Ceasefire Ends (Again)
Two ships were attacked in the Strait of Hormuz less than 24 hours after the announcement of the ceasefire. An oil tanker and a container ship, both flying Indian flags, were shot by the Iranian Revolutionary Guard Corps (IRGC) and reversed course on Saturday morning[2]. Iran accused the US and Israel of breaking terms of the ceasefire and declared the Strait of Hormuz closed once again.
The US military responded swiftly by seizing an Iranian tanker in the Strait. A US guided missile destroyer struck the Iranian ship on Sunday morning and blew a hole in its engine room, rendering it immobile before claiming the vessel. President Trump announced that the US will not return the ship to Iran due to its history of evading US Treasury sanctions[3].
Stocks only declined slightly on Monday, indicating that investors still expect a quick resolution to the conflict. Oil traders are more reluctant; while oil prices are off the highs of the year, they are still notably elevated since the war began:
Negotiations resume this week in Pakistan. Vice President Vance will meet with Iranian general Mohammad Bagher Ghalibaf in Islamabad later today; the current ceasefire agreement officially expires at midnight tonight, although in practicality the ceasefire is already over[4]. What comes next is anyone’s guess, but for now the stock market seems surprisingly unconcerned with the war.
What Else
- The Trump administration is preparing to refund $166 billion in tariff funds after the Supreme Court struck down President Trump’s tariff plan from last April
- Hamas officials are handing over a portion of their weapons stockpile as part of a broader ceasefire deal with the US and Israel
- An appeals court ruled that construction on the new White House ballroom could continue through early June
- Local chef Kevin Lee took 2nd place in the Food Network’s Tournament of Champions
- The OKC Thunder play the Phoenix Suns tonight at 8:30 PM on ESPN; the Thunder currently lead the series 1-0
- OU won the NCAA women’s gymnastics national championship on Saturday, continuing their dominating streak of eight championships in the last twelve years
What We’re Reading
The world record for completing a half marathon was shattered in Beijing on Sunday. “Lightning”, a red humanoid robot developed by robotics company Honor, ran in the Beijing half marathon with more than 12,000 humans and beat the human world record by an astonishing seven minutes. This demonstration shows the rapid advance of capabilities in humanoid robotics, although other robots in the race struggled to keep their footing or went off track. Click below to read about this wild experiment and what it means for the future of robotics:
What’s Happening Downtown
The OKC Festival of the Arts starts tomorrow and runs through Sunday, April 26th. The festival takes place at Centennial Park and features more than 100 art vendors as well as two full lanes of food vendors, live music and activities. Click below for a full map of the festival, parking spots, list of vendors and more:
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Written by: Kane Ogle, CFP®
Steve Beck, Kane Ogle, CFP®, Amber Eduvigen, CFP®, Cale Olbert, CFP®, Brett Valentine, CFP®, Brandon Ingerson, Bill Daniel, Sam Postich, Jenni Hess
[1] Yahoo! Finance [2] NYT [3] Bloomberg [4] NYT