OPENING CALL
Stock futures were up while oil fell on Monday after news that the Trump administration and regional mediators are pushing for a potential 45-day cease-fire with Iran.
"The Iranian conflict continues to serve as the main driver of global financial markets , with sentiment yo-yoing as expectations swing between anticipating a relatively short end to the war and more intensive and prolonged attacks," Investec said.
The latest diplomatic effort follows threats from Trump over the weekend that the U.S. would destroy all of Iran's power plants if the country's leaders don't agree to reopen the Strait of Hormuz by Tuesday evening, ratcheting up pressure on Tehran. Trump has scheduled a press conference for 1 p.m. ET today.
The market optimism on Monday also followed unexpectedly strong U.S. jobs data released last Friday, when major indexes were shut for the Good Friday holiday.
Inflation data will be front and center this week, which could give clues as to whether or not the Federal Reserve is likely to raise interest rates. Wednesday's personal-consumption expenditures index and Friday's consumer-price index will give the Fed two new reads on price pressures.
"The upcoming [U.S.] CPI reading for March will show the initial impact of soaring energy markets, even if the U.S. is somewhat insulated by being a net exporter of oil and gas," AJ Bell said.
Stocks to watch
Chevron, Exxon Mobil: Shares in the energy companies fell premarket as oil prices retreated.
Paramount Skydance: The company is in talks to secure signed equity commitments of close to $24 billion from three sovereign-wealth funds led by Saudi Arabia to help back its takeover of Warner Bros. Discovery, The Wall Street Journal reported.
Strategy, Coinbase: The crypto-related stocks jumped premarket on the back of gains for bitcoin and other cryptocurrencies.
Watch For:
U.S. Employment Trends Index for March
Today's Top Headlines/Must Reads:
- Oil Crisis Hitting Asia Foreshadows Tough Times for Europe
- The U.S. Plastics Industry Was in the Doldrums. Then the Iran War Began.
- Saudi Arabia's Grand Vision Slams Into Financial Reality-and the Iran War
MARKET WRAPS
Forex:
The dollar fell against a basket of currencies as markets watched Trump's threats while the euro rose. The U.S.-Iran conflict's trajectory and its implications for energy prices remains the key market focus.
Bonds:
Government bond prices were weighed by concerns that higher oil prices could stoke inflation and spur central banks to hike interest rates faster or pause rate cuts for longer.
The yield on the benchmark 10-year Treasury note stood at 4.362% early Monday, ticking up from the previous week.
Energy:
Oil prices fell after a weekend in which Trump once more escalated his threats against Iran even as he dangled the prospect of the U.S. wrapping up its operation there soon.
Futures for Brent crude inched up, while U.S. oil futures slipped to just under $111 a barrel.
Metals:
Comex gold futures were poised to resume downside movement , RHB Retail Research said. The futures closed the latest session with a long bearish candlestick pattern on the daily chart. This price action reaffirms that the 20-day simple moving average is serving as overhead resistance.
TODAY'S TOP HEADLINES
Gulf Funds Near Deal to Back Paramount's $81 Billion Takeover of Warner
Paramount is in talks to secure signed equity commitments of close to $24 billion from three sovereign-wealth funds led by Saudi Arabia to help back its takeover of Warner Bros. Discovery, according to people familiar with the matter.
Saudi Arabia's Public Investment Fund has agreed to provide roughly $10 billion of the nearly $24 billion to Paramount, run by David Ellison, the son of billionaire Oracle co-founder Larry Ellison.
'Super Mario' Sequel Scores Year's Biggest Movie Opening
Universal Pictures' and Nintendo's "The Super Mario Galaxy Movie" posted the biggest opening of 2026 so far with an estimated $372.5 million in worldwide box-office sales.
The success of the second animated movie based on the 41 year-old videogame series was the latest proof that family films are the best way to draw audiences to theaters-particularly when they include a dose of nostalgia for adults.
PepsiCo, Diageo Drop Sponsorship of Kanye West-Headlined U.K. Music Festival
A major London music festival set for this summer has lost at least two key sponsorships after having booked Kanye West as the headline performer.
PepsiCo and Diageo have pulled their sponsorships of Wireless Festival, scheduled for July at London's Finsbury Park. West, who now goes by Ye, was announced last week as the marquee act for the festival.
Delta kicks off an earnings season focused on surging gas prices and the Iran war
When Delta Air Lines kicks off the first-quarter earnings season on Wednesday, the air carrier's results and forecast will offer a deeper look at how well U.S. customers and companies can withstand surging oil and fuel prices due to the war in Iran.
Delta DAL, along with Levi Strauss and Constellation Brands, will report this week after the U.S. economy in March - the first full month of the war - added more jobs than expected, although the war's impact could be felt more acutely later on. But even with no shortage of things for consumers to worry about, corporate America overall offered up more optimism than normal for the first quarter.
Don't Toss Junk Bonds Out With Private-Credit Debt
Plenty of investors these days are jettisoning anything that seems risky from their portfolios. But things that look like junk may not be.
High-yield bonds, issued by companies with what are commonly called "junk" credit ratings, have been caught up in the same selloff that has ensnared other corporate credits this year. This has mostly involved loans to highly indebted companies, especially those made by private funds.
Oil Crisis Hitting Asia Foreshadows Tough Times for Europe
The oil shock set off by the war in Iran is already rippling through Asia, where factories are curbing production to save energy and some gas stations are telling drivers they can fill up only partway. Economists say it is a sign of things to come for countries in Europe and Africa that also rely on imports from the Middle East.
Iran's blockade of the Strait of Hormuz has left the global oil supply 10% below what was needed before the war, according to Oxford Economics. The strait is also a critical thoroughfare for liquefied natural gas, which many countries rely on to produce electricity and fertilizer.
Trump Warns Iran He Could Strike 'Every Power Plant,' in WSJ Interview
WASHINGTON-President Trump threatened to destroy all of Iran's power plants if the country's leaders don't agree to reopen the Strait of Hormuz by Tuesday evening, ratcheting up pressure on Tehran.
"If they don't come through, if they want to keep it closed, they're going to lose every power plant and every other plant they have in the whole country," Trump said in an eight-minute interview with The Wall Street Journal on Sunday.
The Next Target for the U.S. and Israel Is Iran's Economy
TEL AVIV-The U.S. and Israel have a set of targets lined up in Iran designed to cripple the country's economy and ensure the regime's recovery from this war is long and painful.
Israel is awaiting authorization from Washington this week to begin striking Iran's energy facilities, an Israeli official said, potentially undermining output in one of the world's major oil-and-gas producers. In a Wall Street Journal interview, President Trump said Sunday the U.S. was prepared to hit all of Iran's bridges and power plants, creating enough damage that it would "take 20 years to rebuild, if they're lucky, if they have a country."
Trump Warns Iran He Could Strike 'Every Power Plant,' in WSJ Interview
WASHINGTON-President Trump threatened to destroy all of Iran's power plants if the country's leaders don't agree to reopen the Strait of Hormuz by Tuesday evening, ratcheting up pressure on Tehran.
"If they don't come through, if they want to keep it closed, they're going to lose every power plant and every other plant they have in the whole country," Trump said in an eight-minute interview with The Wall Street Journal on Sunday.
Saudi Arabia's Grand Vision Slams Into Financial Reality-and the Iran War
Vast development sites around Riyadh trumpet images of a shiny new future for Saudi Arabia-part of Crown Prince Mohammed bin Salman's grandiose Vision 2030 agenda to turn the petrostate into an international hub of trade, technology and culture.
Appeals for investment are sprinkled on ubiquitous construction fencing, along with English-language catchphrases such as "redefining livability" and "an extraordinary new normal." Mohammed's vision extended to a pledge to invest up to $1 trillion in the U.S. during a landmark visit to the White House in November, earning him praise from President Trump. The warm embrace was a signal that the de facto Saudi leader, once shunned in the West, was fully rehabilitated on the world stage.
Fight Over Feta Strains America's Ties With Europe
For four generations, the Sartori family of Plymouth, Wis., has been making Asiago cheese in a tradition that dates to patriarch Paolo Sartori, who hailed from a town near Asiago, Italy.
But, under pressure from Europe, many countries around the world are blocking American producers such as the Sartoris from using the Asiago name, saying it can be used only for cheese made the right way in Italy. The same goes for Parmesan and Romano cheese made by the Sartoris. To avoid generic descriptions such as "Italian-style hard cheese," the company restricts where it sells its products outside the U.S.
Write to priscila.barrera@wsj.com
TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Indicators:
0930 Mar Canada Services PMI
Stocks to Watch:
Barrick Mining Provides an Update on Reko Diq; Continues to Believe in the Long-Term Value of Reko Diq; Necessary to Slow the Development Activity and Continue the Project Review Until Mid-2027
Cargojet Entered Agreement to Divest Minority Investment in 21 Air LLC, a Miami-Based Air Cargo Operator; Decision Strengthens Focus on Domestic Network, ACMI and Charter Ops; Decision Allows Us to Deploy Cap in Areas Aligned With Core Strengths
Dye & Durham Toronto Stock Exchange to Defer Consideration of Shareholder Rights Plan; TSX Deferral of Acceptance Doesn't Affect Adoption, Operation of Rights Plan
Liberty Gold Advances Black Pine Permitting With Publication of a Federal Notice of Intent; U.S. Forest Service Published Notice of Intent in Federal Register to Prepare Environmental Impact Statement for Co's Black Pine Oxide Gold Project in Southeastern Idaho; Approval, Publication of NOI Is Key Permitting Milestone That Initiates Federal Environmental Review Process for Major Projects
LunR Royalties Signs Definitive Silver Stream Agreement for Previously Announced Fruta Del Norte Transaction; Transaction Expected to Close in 2Q
Ridgetech Announces 1-for-150 Reverse Share Split
Village Farms Stephen Ruffini to Transition From CFO After 17 Years of Service to Assume Responsibility for M&A Activities; Ruffini to Remain CFO Until Permanent Replacement Identified, Co to Commence Formal Search Process; Ruffini to Remain Employee to Help Ensure Smooth Transition and Because Co Expects to Appoint Him to New Leadership Role Focused on Potential M&A
Expected Major Events for Monday
02:00/JPN: Mar Imported Vehicle Sales
08:59/JPN: Jan Final Labour Survey - Earnings, Employment & Hours Worked
08:59/JPN: Feb Provisional Labour Survey - Earnings, Employment & Hours Worked
13:30/CAN: Mar Canada Services PMI
14:00/US: Mar ISM Report On Business Services PMI
14:00/US: Mar Employment Trends Index
23:01/UK: CBI Financial Services Survey
23:30/JPN: Feb Household Spending
23:50/JPN: Mar International Reserves / Foreign Currency
23:50/JPN: Mar Provisional Trade Statistics for 1st 20 days of Month
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Expected Earnings for Monday
ASP Isotopes Inc (ASPI) is expected to report $-0.17 for 4Q.
CASI Pharmaceuticals Inc (CASIF) is expected to report for 4Q.
Genie Energy Ltd $(GNE)$ is expected to report $0.07 for 4Q.
KALA BIO Inc (KALA) is expected to report for 4Q.
New Fortress Energy Inc (NFE) is expected to report $-0.19 for 4Q.
Northern Dynasty Minerals Ltd (NAK,NDM.T) is expected to report for 4Q.
Nurix Therapeutics Inc (NRIX) is expected to report $-0.76 for 1Q.
RCI Hospitality Holdings Inc $(RICK)$ is expected to report $0.58 for 1Q.
Royale Energy Inc (ROYL) is expected to report for 4Q.
Traws Pharma Inc (TRAW) is expected to report for 4Q.
Vislink Technologies Inc $(VISL)$ is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
Akamai Technologies Cut to Neutral From Outperform by Baird
Brinker International Raised to Overweight From Sector Weight by Keybanc
Construction Partners Raised to Buy From Neutral by B. Riley Securities
Dine Brands Global Cut to Sector Weight From Overweight by Keybanc
Expand Energy Cut to Sector Weight From Overweight by Keybanc
FB Financial Raised to Overweight From Neutral by Piper Sandler
GEN Restaurant Group Cut to Hold From Buy by Benchmark
Kimbell Royalty Partners Raised to Overweight From Sector Weight by Keybanc
Martin Marietta Raised to Buy From Neutral by B. Riley Securities
Nike Cut to Neutral From Buy by Goldman Sachs
Ollie's Bargain Outlet Raised to Buy From Hold by Jefferies
Wingstop Raised to Overweight From Neutral by Piper Sandler
Wingstop Raised to Strong Buy From Outperform by Raymond James
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
April 06, 2026 05:56 ET (09:56 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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