Overnight Developments
Iran Rejects Trump’s “Project Freedom” Hormuz Plan — Euronews / CNBC
Iran has rejected the Trump administration’s “Project Freedom” plan, which proposed US naval escort to help trapped tankers exit the Strait of Hormuz beginning Monday. The standoff keeps roughly 20% of global oil trade impaired and signals the disruption — already the largest oil supply shock in recorded history per industry estimates — will drag further into Q2. Affected sectors: Energy, Transportation, Shipping, Defense, Industrials.
Trump Strengthens Section 232 Tariffs on Steel, Aluminum, Copper — White House
A weekend proclamation expands Section 232 tariffs to cover the full declared value of imported metals products under revised calculation rules, citing national security. Domestic mills benefit; downstream manufacturers (autos, machinery, construction) face higher input costs. Affected sectors: Industrials, Manufacturing, Autos, Steel, Aluminum.
Futures & Pre-Market
| Index | Futures | Change |
|---|---|---|
| S&P 500 | 7,247.50 | -0.14% |
| NASDAQ | 27,813.25 | -0.08% |
| DOW | 49,436.00 | -0.42% |
Oil markets are doing the talking: WTI is up +3.63% to $105.64, Brent +3.62% to $112.09 — pricing in a longer Hormuz disruption after Iran’s rejection. Gold is down -1.14% to $4,576.90, an unusual divergence suggesting USD strength rather than risk-off flight.
Watchlist Movers
None of the watchlist tickers are moving >3% in pre-market trading.
International Markets
Asia traded firmer overnight — Nikkei +0.68%, Hang Seng +1.24%, Shanghai +0.14% — suggesting regional desks are not in full risk-off mode. Europe is mixed and quiet: FTSE -0.14%, DAX +0.03%.
What to Watch at Open
Watch energy names (XLE, oil majors) and refiners for outsized moves on the oil spike, and monitor the spread between domestic steelmakers and metals-consuming industrials as the new tariff math is digested. If equity futures stay contained despite oil’s move, the tape is telling you the market still views Hormuz as priced-in rather than a fresh shock.
This alert is for informational purposes only and does not constitute financial advice.