MARKET WRAPS
STOCKS: Stocks rose slightly as traders awaited developments in the Iran war.
TREASURYS: Treasury yields fell as President Trump reaffirmed threats to Iran.
FOREX: The U.S. dollar ticked down as traders weighed mixed economic data.
COMMODITIES: U.S. oil futures rose 0.8% to $112.54 after President Trump reiterated the Tuesday deadline for the reopening of the Strait of Hormuz.
HEADLINES
U.S. Services Sector Faced Heightened Inflation in March
Inflation pressures facing U.S. services firms were the greatest in four years last month as the war in Iran pushed up energy prices, a survey of managers found.
The prices index in the Institute for Supply Management's survey of purchasing executives in the services industry rose to 70.7, from 63 a month earlier. Values over 50 indicate firms are facing rising prices. It was the index's largest one-month increase in 13 years.
"The war in Iran has added an additional layer of uncertainty on top of an already shaky macroeconomic climate," a manager from the real-estate industry told the survey. "A spike in inflation due to higher oil prices will reduce purchasing power, affecting every industry."
Neurocrine to Buy Soleno, Nabbing Drug for Relentless Hunger Disorder
Neurocrine Biosciences agreed to buy Soleno Therapeutics for $2.9 billion, giving it the first approved treatment for a rare genetic disorder that causes relentless, life-threatening hunger.
The acquisition centers on Soleno's treatment for Prader-Willi syndrome, a rare genetic disorder that affects roughly 10,000 people in the U.S. People with the condition experience an unrelenting, compulsive hunger that can drive them to eat until they suffer obesity, diabetes or life-threatening consequences like stomach rupture.
Soleno's treatment, called Vykat XR, won Food and Drug Administration approval in March 2025 as the first and only treatment for the condition. It generated $190 million in revenue in its first year on the market.
BNY, Robinhood Win Contract for Running Trump Accounts
Bank of New York Mellon and Robinhood are the early winners in Wall Street's race to play a role in setting up and running Trump accounts, a new savings tool for children created under last year's tax law.
The Treasury Department is announcing Monday that it has designated BNY as a financial agent to manage the initial accounts. The bank is partnering with Robinhood Markets to tap its design and technology know-how to develop a Trump Accounts app and provide customer service, according to the department.
"Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jump-start their financial future," said Vlad Tenev, Robinhood's chairman and chief executive.
Gulf Funds Agree to Back Paramount's $81 Billion Takeover of Warner
Paramount has received 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.
The agreements with investors also include Qatar Investment Authority and Abu Dhabi's L'imad Holding Co., the people said.
Amazon and U.S. Postal Service Reach Delivery Deal
Amazon.com and the U.S. Postal Service have reached a new package-handling agreement, according to people familiar with the matter, after Amazon threatened to drastically cut back on the number of packages it sends through the struggling agency.
Instead of reducing the number of packages Amazon ships through the Postal Service by two-thirds by this fall, as outlined in an earlier proposal, the two sides now have a tentative deal that will result in a 20% reduction, the people said.
The Postal Regulatory Commission, the federal agency that oversees the Postal Service, must now review and approve the agreement.
Oracle Names Hilary Maxson Chief Financial Officer
Oracle hired Hilary Maxson as the software giant's new chief financial officer, effective immediately.
Oracle on Monday said Maxson, 48 years old, joins from Schneider Electric, where she served as executive vice president and group chief financial officer of the French electrical and technology provider since 2020.
Jamie Dimon Warns of Higher Inflation, Interest Rates From Iran War
JPMorgan Chase Chief Executive Jamie Dimon warned that the war in Iran could push up inflation and drag down financial markets even further if interest rates start to rise.
In his annual letter to shareholders, Dimon said there is a risk of more oil and commodity price shocks in the months ahead, which could lead to prolonged inflation and ultimately higher interest rates.
"The skunk at the party-and it could happen in 2026-would be inflation slowly going up," Dimon wrote. "This alone could cause interest rates to rise and asset prices to drop."
NHTSA Ends Investigation Into Tesla's Summon Feature
The National Highway Traffic Safety Administration closed its investigation into Tesla's "Actually Smart Summon" feature due to the low frequency and severity of reported crashes.
The feature allows owners to use the Tesla app to move their car to their location or a location of their choice. In January 2025, the agency opened an investigation due to reports of crashes occurring while the feature was being used.
The agency found that almost all of the reported crashes involved minor property-damage claims with no reported incidents involving an injury. It also found that out of millions of Summon sessions, a fraction of 1% resulted in an incident.
U.S. to Escalate Iran Strikes as Deadline for Strait of Hormuz Looms
President Donald Trump praised the successful rescue of two U.S. aviators shot down over Iran and reiterated his threat on Iran during a Monday afternoon White House briefing.
"The entire country can be taken down in one night and that night might be tomorrow night," he said. If no deal is reached with Iran to end the war and open the Strait of Hormuz, "they're going to have no bridges. They're going to have no power plants," he added. That could be accomplished in four hours, Trump added.
Meanwhile, Defense Secretary Pete Hegseth said that Monday's strikes would be the highest volume since the war began on Feb. 28 and Tuesday would bring even more.
TALKING POINT The Tax-Saving Charity Funds Wealthy People Are Buzzing About
Wealthy Americans are buzzing about a tool that helps them lower their tax bills.
Those who give to charity flocked to donor-advised funds, which let them stockpile tax deductions. Adoption of the funds surged at the end of 2025 and has continued into 2026, according to some of the biggest providers.
Many people were aiming to get ahead of new rules in last summer's tax law that limit tax breaks on charitable giving for high earners and those who itemize deductions. They have also been seeking to unload stock that exploded in value during the bull market of the last decade and a half.
Funding a new DAF with highly appreciated shares of stock allows the donor to avoid capital-gains taxes while also taking a tax deduction. The deduction occurs when they transfer assets to a DAF. The money can be invested within the DAF tax-free and doled out to charity years into the future.
The charitable-giving rule changes in the tax law had the biggest impact on high earners like many clients of Boston-based Civic Financial. After the new law passed, its advisers began recommending that their clients, which include law-firm partners, hedge-fund managers and private-equity executives, use a DAF for planned charitable gifts, according to Scott DeSantis, Civic's chief executive officer.
Civic opened dozens of new DAFs for clients and more than doubled its assets under management in such vehicles between the passage of the law and the end of 2025.
"If somebody might give $50,000 a year, we'd be suggesting they contribute anywhere from four to eight times that," DeSantis said.
--Miriam Gottfried
Expected Major Events for Tuesday
05:00/JPN: Feb Indexes of Business Conditions - Preliminary Release
07:45/ITA: Mar Italy Services PMI
07:50/FRA: Mar France Services PMI
07:55/GER: Mar Germany Services PMI
08:00/UK: Mar UK monthly car registrations figures
08:30/UK: Mar UK Official Reserves
08:30/UK: Mar S&P Global UK Services PMI
10:00/FRA: Feb OECD CPI
12:15/CAN: Mar Official International Reserves
12:30/US: Feb Advance Report on Durable Goods
12:55/US: 04/04 Johnson Redbook Retail Sales Index
14:00/US: Apr RCM/TIPP Economic Optimism Index
14:00/CAN: Mar Ivey Purchasing Managers Index
15:00/US: Mar Global Services PMI
19:00/US: Feb Consumer Credit
20:30/US: API Weekly Statistical Bulletin
23:30/JPN: Jan Final Labour Survey - Earnings, Employment & Hours Worked
23:30/JPN: Feb Provisional Labour Survey - Earnings, Employment & Hours Worked
23:50/JPN: Feb Balance of Payments
23:50/JPN: Mar International Transactions in Securities
23:50/JPN: 4Q Revised Balance of Payments
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Aehr Test Systems (AEHR) is expected to report for 3Q.
Avalon Advanced Materials Inc (AVL.T) is expected to report for 2Q.
Bank of South Carolina Corp (BKSC) is expected to report for 1Q.
Franklin Resources Inc (BEN) is expected to report.
Greenbrier Cos Inc $(GBX)$ is expected to report $0.87 for 2Q.
Kura Sushi USA Inc (KRUS) is expected to report $-0.17 for 2Q.
Kustom Entertainment Inc $(KUST)$ is expected to report for 4Q.
Levi Strauss & Co $(LEVI)$ is expected to report $0.37 for 1Q.
(MORE TO FOLLOW) Dow Jones Newswires
April 06, 2026 16:36 ET (20:36 GMT)
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