(WSJ) - Vice President JD Vance has for now paused plans to travel to Pakistan on Tuesday for negotiations with Iran over ending the war, according to multiple people, after a flurry of meetings inside the White House.
* WITKOFF, KUSHNER SEEN ARRIVING AT WHITE HOUSE: CNN
* RUBIO, HEGSETH ALSO SEEN ARRIVING AT WHITE HOUSE: CNN
“.. companies seem to be reluctant to make any bold forecasts for this year .. remaining conservative in their forecasts” despite Q1 beats:”
1) GE Aerospace reiterates FY
2) 3M reiterates FY
3) Northrop Grumman reiterates FY
4) D.R. Horton cuts high end of FY revenue
- Robert Hum/CNBC
GS: We Estimate That Passthrough from Tariff Costs to Consumer Prices Has Reached 72% So Far
(Reuters) - The U.S. military has directed 27 vessels to turn around or return to an Iranian port since the beginning of its blockade around the Strait of Hormuz, U.S. Central Command says
MORGAN STANLEY: “.. The rise in gasoline prices, when viewed against data on tax refunds, keeps us comfortable with our prior downward revisions to our outlook for US GDP growth.”
(WSJ) - The Justice Department’s antitrust division is criminally investigating the conduct of large meatpackers that supply American consumers, after President Trump called for a probe of the companies last year, according to people familiar with the matter.
(Reuters) - Lebanese Parliament Speaker Nabih Berri said the United States is making an effort to extend a 10-day ceasefire between Israel and Lebanon, the pan-Arab Asharq al-Awsat cited him as saying on Monday.
Energy Secretary Wright on sub-$3 gas:
March 15 on Meet The Press: “very good chance” of sub-$3 gas by summer.
April 19 on State of the Union: “I don’t know… maybe later this year… maybe next year.”
@atrupar.com
(Reuters) - The world has lost over $50 billion worth of crude oil that has not been produced since the Iran war began and the aftershock of the crisis will be felt for months and even years to come, according to analysts and Reuters calculations.
#OOTT
* U.S. CRUDE OIL SURGES OVER 7.5%, TRADING ABOVE $90.
#OOTT
(Reuters) - Canada's close ties to the United States were once a strength but have become a weakness, Prime Minister Mark Carney said on Sunday, in a video message to his country in which he also praised the heroism of military leaders who fought against U.S. invasion more than two centuries ago.
(Reuters) - Two U.S. officials have died in a car accident in the northern Mexican state of Chihuahua while supporting local authorities in efforts to combat cartel operations, the U.S. embassy said on Sunday.
State authorities said that two Mexican officials had also died in the accident.
(Reuters) - European allies fear an inexperienced U.S. negotiating team is pushing for a swift, headline‑grabbing framework deal with Iran that could entrench rather than resolve deeper problems, diplomats with past experience dealing with Tehran said.
(Reuters) - The U.S.-Iran ceasefire in early April appears to have revived so-called TINA ("There Is No Alternative") trades, driven by peace hopes, soaring U.S. earnings growth and the relative insulation of the world's biggest economy to an energy shock.
WRIGHT: ".. under $3 a gallon is pretty tremendous in inflation-adjusted terms. We had that in the Trump administration, but we hadn’t seen that in inflation-adjusted terms for quite a long time. We’ll get back there for sure."
@cnbc.com #OOTT
(Reuters) - No date has been set for the next round of negotiations between Iran and the United States, Iran's deputy foreign minister said on Saturday, adding that a framework of understanding must be agreed first.
(CNBC) - Iran said Saturday that it has reimposed the closure of the Strait of Hormuz less than a day after reopening it to shipping traffic, blaming the U.S. for its ongoing blockade of Iranian ports.
RICHARD BERNSTEIN ADVISORS: "For the first time since the pandemic the US is importing inflation. Core Import Prices are now rising faster than Core CPI."
* NASDAQ 100 EXTENDS RALLY TO 13 DAYS, LONGEST STREAK SINCE 2013
S&P 500 +12% last 3 weeks.. best rally since April 2020
Early estimates (which can change) based on today's actions to reopen the Strait, could lead the national average price of *diesel* to fall to:
$4.95-$5.25 for Memorial Day
$4.75-$5.05 for July 4
$4.30-$4.75 for Labor Day (Hurricane season risk)
META IS PLANNING TO LAY OFF ABOUT 10% OF ITS WORKFORCE ON MAY 20
That's roughly 8,000 employees in the first wave. More cuts are planned later in 2026, as per Reuters.
$META
Goldman Sachs: "We do not see a pick up in the Strait of Hormuz flows yet, with estimated oil flows through the Strait of Hormuz still at 10% of normal."
* FED'S GOOLSBEE: SO FAR, CONSUMER JUST KEEPS CHUGGING ALONG
