Overnight Developments

Trump Suspends Iran Attacks for 2 Weeks; Iran Agrees to Open Strait of Hormuz — CNBC

The US and Iran reached a temporary de-escalation overnight. Trump suspended planned strikes for two weeks, and Iran agreed to reopen the Strait of Hormuz. Oil prices collapsed 13–14%, with WTI falling to ~$97 and Brent to ~$95, erasing weeks of geopolitical risk premium. Global markets surged on the relief rally while US tech/growth stocks face rotation pressure. Affected sectors: Energy, Defense, Transportation, Financials

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U.S.-Iran Ceasefire Triggers Broad Market Rally — Wall Street / Bloomberg

Trump announced a two-week pause in Iran attacks following a five-week conflict. All four major indices surged over 2.5%, with the VIX collapsing 18%. Oil prices pulled back sharply as shipping costs via the Strait of Hormuz begin to normalize after war-risk premiums soared 1000%. Fed rate cut odds jumped from 14% to 43% on the ceasefire news.

Overnight Developments

Iran-Israel Escalation & Strait of Hormuz Closure — PBS News / UN News

Israel struck Iran’s largest petrochemical complex, killing 5+ people. Trump issued an ultimatum threatening power grid attacks by Tuesday 8pm ET. The Strait of Hormuz remains functionally closed to commercial shipping, and the UN warns of “wider war” risk with catastrophic global implications. U.S. Special Forces also successfully extracted a second downed F-15E pilot from Iran, underscoring the depth of direct military engagement.

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Trump’s Iran Deadline Roils Markets as Oil Surges — CNBC

President Trump gave Iran until 8 p.m. ET to reopen the Strait of Hormuz, threatening military action on power plants and bridges. Oil jumped to $115.85 (+$3.45). Equities recovered late but the VIX spike to 25.78 reflects elevated tail risk. Energy sector +40% YTD as geopolitical oil supply concerns become a structural factor.

Overnight Developments

U.S. Fighter Jet Shot Down by Iran; Military Conflict Escalates — Multiple Sources

Iranian forces shot down a U.S. F-15E fighter jet in Iranian airspace, and a U.S. A-10 Warthog crashed near the Strait of Hormuz after being hit by anti-aircraft fire. One crew member was rescued. This marks a significant escalation in direct U.S.-Iran military engagement entering its second month. Affected sectors: Defense, Energy, Aerospace, Transportation

Strait of Hormuz Maritime Traffic Down 95% — UN News

The UN Secretary-General warned the world is “on the edge of a wider war.” Maritime traffic through the Strait of Hormuz has dropped 95% over the past month, creating severe energy supply chain disruption. Over 1.1 million displaced in Lebanon. Affected sectors: Energy, Global Trade, Transportation

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Iran Ceasefire Talks: 45-Day Truce Deadline Tuesday — The Street

Markets rallied on reports of a 45-day truce in the Iran conflict, though Iran rejected U.S. talks after the South Pars Gas Field strike and the killing of a Revolutionary Guard intelligence chief. Trump extended the deadline to Tuesday 8pm — failure to reach a deal could reignite oil volatility and risk-off positioning.

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Steel, Aluminum, Copper Tariff Adjustments Take Effect April 6 — KPMG

New Section 232 tariff rules go live Sunday: 50% on articles made entirely of steel/aluminum/copper, 25% on derivative articles, 15% on select metal-intensive industrial/grid equipment through 2027. One year after “Liberation Day,” tariffs represent the largest US tax increase as a percentage of GDP since 1993, averaging $1,500 per household in 2026.

Overnight Developments

Iran Strikes Regional Targets Amid Diplomatic Signals — Multiple Sources

Iran conducted major missile and drone strikes on regional targets including Kuwait airport (fuel storage fire), a tanker in Qatar, and injuries reported in Kuwait. Simultaneously, Iranian President Pezeshkian released a letter to Americans suggesting diplomatic engagement remains possible — a potential off-ramp amid active kinetic operations. Oil surged with Brent crude up ~6.6% to approximately $108/barrel. Affected sectors: Energy, Shipping, Defense

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S&P 500 Rallies on Iran Ceasefire Hopes — 24/7 Wall St.

President Trump signaled Iran’s president has requested a ceasefire, with the U.S. conditioning agreement on the Strait of Hormuz remaining open. Markets rallied broadly — S&P +0.72%, Nasdaq +1.16%. VIX declined nearly 3% as risk sentiment improved.