Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Monday as skepticism surrounding an end to the U.S.-Iran war returned to the market. The ceasefire between the two sides is set to expire on Tuesday evening.
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- Brent crude oil futures (BZ) rose 5% after the U.S. fired on and seized an Iranian-flagged vessel attempting to breach the naval blockade of the Strait of Hormuz.
- President Trump said Vice President J.D. Vance would depart for Pakistan on Tuesday evening to participate in peace talks. Iran has yet to confirm it will participate in the discussion, insisting the blockade be lifted first.
- Trump warned the U.S. will strike Iran’s power plants and bridges if the two countries are unable to reach a deal.
- U.S. Energy Secretary Chris Wright said gas prices could remain above $3 until 2027. Trump later refuted his statement, telling The Hill, “No, I think he’s wrong on that. Totally wrong.”
- Jefferies raised its Tesla (TSLA) price target to $350 from $300 and expects the EV company to report progress on autonomous driving during its first quarter earnings call on April 22.
- Morgan Stanley reiterated a “buy” rating on Netflix (NFLX) with a $115 price target.
- Adobe (ADBE) will release a set of AI agents to help customers with marketing and other areas.
- Eli Lilly (LLY) announced that it would acquire cancer drugmaker Kelonia Therapeutics for up to $7 billion.