📅 Economic Releases
| Time (ET) | Event | Impact |
|---|---|---|
| 10:00 AM | Factory Orders m/m | Low |
| 12:50 PM | FOMC Member Williams Speaks | Low |
📊 Earnings Today
📈 Premarket Gainers & Losers
🎯 Gamma Flip Point — $SPX (S&P 500 Index)
$SPX gamma flip point is 7195.17 |
🔥 Hot Market News
| Trump says US will ‘help free up’ ships stuck in Hormuz Strait President Donald Trump has announced a campaign called 'Project Freedom' to assist ships stuck in the Strait of Hormuz, aiming to break Iran's blockade of the strategic waterway. The initiative, intended as a humanitarian gesture, risks escalating tensions with Iran, which considers any US interference a breach of the truce.
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| Trump says US could restart Iran strikes 'if they misbehave' US President Donald Trump acknowledged discussions on a potential agreement with Iran, allowing shipping through the Strait of Hormuz and postponing nuclear negotiations, but maintained the possibility of resumed strikes if Iran does not comply. Iran's proposal includes ending the blockade and lifting sanctions, as negotiations over its nuclear program remain a significant hurdle. Meanwhile, the US and Israel have paused their bombing campaign, but a comprehensive deal to end the war has yet to be reached.
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| Bulk carrier attacked by multiple small craft off Iran, UKMTO says A bulk carrier was attacked by multiple small craft 11 nautical miles west of Sirik, Iran, near the Strait of Hormuz, but all crew members were reported safe, and no environmental impact occurred. The incident occurs amid ongoing tensions in the region, with a US counter-blockade redirecting vessels attempting to enter or exit Iranian ports.
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| Big Tech Earnings Show Split Between AI Trade Winners and Losers Alphabet Inc. saw a 10% increase in shares due to strong growth in its Google Cloud and AI products, while Meta Platforms Inc. suffered an 8% drop as investors questioned the sustainability of its rising capital expenses. This divergence highlights investors' selective focus on companies' ability to convert AI investments into revenue growth.
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| Iran juggles oil cuts and floating storage to resist US blockade ran has begun curbing oil production as the US naval blockade tightens around its oil trade, with exports plunging, storage filling and tankers gathering near the country’s main export hub.
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| EIA: Short-Term Energy Outlook – Global Oil We now expect that Brent crude oil prices will increase from an average of $81/b in 1Q26 to a peak of $115/b in 2Q26 before gradually falling to an average of $88/b in 4Q26. We base this on the assumption that the conflict does not persist past April and that traffic through the Strait of Hormuz gradually resumes but does not return to pre-conflict levels until late 2026.
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| Traders Grapple With Two-Sided Tail Risk as Stocks Regain Highs Investors face risks from a semiconductor rally driven by tech earnings and rising energy prices due to the Iran conflict. Market volatility remains high with European benchmarks particularly affected, while US stocks maintain gains amid concerns about oil price sensitivity. Nvidia's upcoming earnings on May 20 are seen as a crucial market event.
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💱 Forex & Commodities
| US Is Oil Supplier of Last Resort as Hormuz Disruptions Worsen Over the past nine weeks, the US exported more than 250 million barrels of crude, becoming the top oil exporter, overtaking Saudi Arabia. However, this surge in exports strains domestic inventories and raises concerns about how long such levels can be maintained, as the global oil market faces supply shortages and rising prices.
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| OPEC Signals Unity After UAE Exit With Pledge to Boost Oil Output OPEC has pledged to increase oil production despite the UAE's departure from the organization, signaling a commitment to maintaining unity among the remaining member countries.
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| Gold edges lower on hawkish central banks as bears await acceptance below $4,600 Gold prices declined due to hawkish stances from central banks, with bearish investors looking for a break below the $4,600 mark.
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| US Treasury Secretary Says Iran 'Suffocating' Under Economic Pressure US Treasury Secretary Scott Bessent stated that intensified economic pressure and a naval blockade are crippling Iran's economy, potentially forcing the country to start shutting down oil wells due to lack of storage as Tehran struggles to pay its soldiers.
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🪙 Crypto News
| Tether Holdings Amasses Over Six Tons of Gold in Q1 2026, Becoming Large Non-Bank Holder Tether Holdings SA acquired over six tons of gold in the first quarter of 2026, reaching a total of 132 tons and a valuation of $19.8 billion, positioning it as the largest known non-bank holder of bullion globally. The company has slowed its pace of gold purchases and reduced its team by cutting two senior traders, while it continues to leverage recent investments including a stake in Gold.com Inc.
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| Tether posts over $1 billion Q1 profit as reserve buffer reaches record $8.2 billion Tether reported a profit exceeding $1 billion in the first quarter, increasing its reserve buffer to a record-high of $8.2 billion.
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| Trump Family Crypto Project Quietly Sold as Holders Got Stuck The Trump family's cryptocurrency project was sold without much public attention, leaving many current holders unable to recover their investment.
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