Kuwait said Thursday its air defenses are intercepting “hostile missile and drone attacks.” US forces shot down 4 Iranian drones near Hormuz, then struck an IRGC ground station. Iran said it then targeted a US airbase. Both sides call the ceasefire technically intact.AP
2.
Trump told his Cabinet at Camp David that Iran can deal now or face escalation. He also ruled out Russia or China holding Iran’s enriched uranium in any deal. Trump on the deal, pointing at Hegseth: “That man will finish them off.”AP
3.
April PCE inflation data prints at 8:30am ET today — the Fed’s preferred gauge. It covers April — the first full month of Iran war energy costs filtering through prices. A hot print pushes rate-cut hopes further out. The Dow’s 6th record close in 8 sessions faces a test at 8:30.BBG
Markets & Economy
4.
WTI jumped 4% Thursday morning to $92.25, reversing Wednesday’s deal-driven decline. S&P futures fell 0.35%; Dow futures were off 0.17%. Oil and equities are moving in opposite directions this morning. One of them is right.BBG
5.
Snowflake surged 36% Wednesday after an earnings beat and a $6 billion Amazon cloud deal. Enterprise AI infrastructure spending is back on the table. One earnings report moved the stock more than six months of headlines.CNBC
6.
Salesforce beat Q1 revenue but issued cautious full-year earnings guidance. Shares fell about 4% after hours. Beat the quarter, cut the year. Enterprise software is sending a message.CNBC
Politics
7.
Trump ruled out Russia or China holding Iran’s enriched uranium under any deal. Tehran had proposed neutral third-party custody as a compromise. Iran now has no good options for the uranium. The deal narrows every day.Reuters
8.
Dell won a $9.7 billion Pentagon software contract — its largest US government deal on record. CEO Michael Dell cultivated close ties with the Trump administration throughout 2025 and 2026. Dell has been working this relationship. The contract is the receipt.CNBC
Around the World
9.
European stocks fell 0.5% Thursday as the overnight Iran exchange erased Wednesday’s deal-driven gains. Asian markets fell as the fresh US strike news broke during trading. Deal optimism lasted about 18 hours. Shorter than most ceasefires.Reuters
10.
S&P Global Energy estimates 1.2 billion barrels of oil supply have been disrupted since the war began in February. Analysts say pre-war pump prices are months away even under a best-case deal. The Strait can reopen. The 1.2 billion barrels stay disrupted.Reuters
