Stocks jump as Iran ceasefire extends.

Presented by “It does not matter how slowly you go as long as you do not stop.” ✍️ — Confucius  SUMMARY ✅ U.S. stocks moved higher Wednesday after President Trump extended the ceasefire with Iran, while investors digested a wave of earnings reports including Tesla’s results. ✅ Global energy markets remain under pressure as shipping through the Strait of Hormuz stays severely restricted despite the ceasefire extension, with elevated security risks and ongoing naval tensions keeping one of the world’s most important oil routes effectively disrupted. ✅ Tesla reported Q1 earnings, posting adjusted EPS of $0.41 vs. FactSet Est. of $0.36. ✅ SpaceX is deepening its push into artificial intelligence through a potential $60 billion acquisition option for Cursor, pairing advanced developer tools with its computing infrastructure as part of Elon Musk’s broader strategy to transform the company ahead of a potential IPO. ✅ AbbVie is significantly expanding its U.S. manufacturing capacity with a $1.4 billion North Carolina campus focused on injectable drugs, part of a broader long-term investment plan aimed at scaling domestic production of key treatments across multiple disease areas. ✅ Best Buy is undergoing a leadership transition as longtime CEO Corie Barry steps down and insider Jason Bonfig takes over, signaling continuity in strategy as the retailer works through cost pressures and a challenging consumer electronics environment. MARKET SNAPSHOT ↗ Dow                            49,490.03                       + 0.69% ↗ Nasdaq                       24,657.57                       + 1.64%  ↗ S&P                              7,137.90                       + 1.05%  POLITICS Strait Of Hormuz Remains Largely Closed Despite Ceasefire Extension Image courtesy of Nikolas Kokovlis/NurPhoto via Getty Images Traffic through the Strait of Hormuz remained very limited Wednesday, even after Donald Trump extended the ceasefire with Iran. The key shipping route has not reopened in any meaningful way, as Iran continues to exert control over vessel traffic while the U.S. maintains its blockade of Iranian ports and ships. Only a small number of vessels—about six, including three oil tankers—passed through the strait, far below pre-conflict levels of more than 100 ships per day. Security risks remain elevated, with Iran’s Revolutionary Guard reportedly seizing two container ships and multiple attacks on vessels in recent days. Maritime authorities have warned of heightened activity and urged ships to exercise caution. Recent incidents include a cargo ship coming under fire Wednesday and another vessel sustaining heavy damage in an attack Tuesday. These events follow a series of confrontations over the weekend involving Iranian forces and U.S. naval operations in nearby waters. The disruption has significantly impacted global energy flows, as roughly 20% of the world’s crude oil supply typically moves through the strait. Analysts expect it could take until mid-summer for shipments to recover closer to normal levels, with additional delays before oil reaches refineries worldwide. EARNINGS Tesla Pops After Revenue and EPS Beat Wall Street Estimates Image courtesy of Brandon Bell / Getty Images Tesla shares climbed about 4% in after-hours trading following the company’s first-quarter earnings report, which exceeded Wall Street forecasts. The company reported total revenue of $22.38 billion for Q1, marking a 16% increase year over year and coming in above analyst expectations. Adjusted earnings per share reached $0.41, up 51% compared to the same period last year and also ahead of consensus estimates. After a period of weaker vehicle sales, investors have been watching closely for signs that Tesla is expanding beyond its core EV business. ARTIFICIAL INTELLIGENCE SpaceX Strikes $60 Billion Deal for the Right to Buy AI Coding Startup Cursor Image courtesy of SpaceX SpaceX announced a deal with AI coding startup Cursor that gives it the option to acquire the company later this year for $60 billion. The agreement also allows SpaceX to pay $10 billion for joint development work instead of completing a full acquisition. The partnership will combine Cursor’s software tools for developers with SpaceX’s large-scale computing capabilities, including its Colossus supercomputer, to build advanced AI systems for coding and knowledge work. The move is part of CEO Elon Musk’s broader strategy to transform SpaceX into a major AI player ahead of a potential IPO. The company recently deepened its AI ambitions by integrating with Musk’s xAI venture. The deal also highlights a broader trend of AI startups partnering with larger firms to access the computing power needed to train increasingly complex models. For example, Amazon recently committed $5 billion to Anthropic to expand its access to specialized chips. SpaceX’s anticipated IPO, reportedly targeted for June, could value the company between $1.75 trillion and $1.8 trillion—potentially making it the largest public offering in history. Together with: (NASDAQ: USAU) Unlike many single-commodity plays, U.S. Gold Corp. (NASDAQ: USAU) offers exposure to both gold and copper. Gold continues to benefit from its role as a safe haven, while copper demand is accelerating due to electrification, infrastructure, and energy transition trends. Having both metals in one portfolio gives USAU a diversified tailwind in a market where multiple macro forces are aligning.   Find out more about USAU 👉 ( NASDAQ: USAU). BIOTECH AbbVie Expands U.S. Footprint With $1.4 Billion North Carolina Campus Image courtesy of REUTERS/Brian Snyder AbbVie announced plans to invest $1.4 billion in a new manufacturing campus in Durham—its largest single-site investment to date. The facility will become AbbVie’s primary U.S. hub for injectable drug manufacturing, supporting both domestic and international supply as production capacity ramps up. Set across 185 acres, the campus will produce medicines targeting immune disorders, cancer, and neurological conditions. AbbVie expects to create 734 full-time jobs over four years, spanning engineering, scientific, and manufacturing roles, while construction is projected to support more than 2,000 jobs. Construction is scheduled to begin in 2026, with completion targeted by the end of 2028. The first phase will include manufacturing plants, labs, warehouse space, offices, and employee facilities. The project builds on AbbVie’s broader U.S. expansion strategy. Earlier this year, the company committed $380 million to new manufacturing facilities in North Chicago focused on neuroscience and obesity treatments. Overall, the North Carolina campus is part of AbbVie’s ambitious plan to invest roughly $100 billion in U.S. research, development, and manufacturing over the next decade. COMPANY NEWS Best Buy Names Insider Jason Bonfig CEO As Corie Barry Steps Down Image courtesy of Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images Best Buy announced that CEO Corie Barry will step down at the end of the third quarter. Barry will be succeeded on October 31 by Jason Bonfig, the company’s current chief customer, product, and fulfillment officer. Barry will remain involved as a strategic adviser for six months following the transition, and Bonfig will also take her seat on the company’s board. Barry, who became Best Buy’s first female CEO in 2019, led the company through major challenges including the COVID-19 pandemic and shifting trade policies. Bonfig is a longtime company veteran, having joined Best Buy in 1999 as an inventory analyst, and is expected to continue driving the retailer’s long-term strategy. In a message to employees, Barry described Bonfig as a leader with strong customer focus, innovative thinking, and thoughtful decision-making, adding that he is well positioned to guide the company into its next phase. The stock has declined sharply since late August and was recently downgraded by Goldman Sachs, which cited rising costs. 📉 ON THE MOVE AND NOTABLES 📈 ✔️ Treasury yields drifted lower, with the 10-year yield around 4.27%. ✔️Overseas, Asian markets ended mixed, though Japan’s Nikkei hit a fresh record near 60,000. ✔️ The U.S. dollar was largely unchanged against major peers. ✔️ The average rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.35% from 6.42%. ✔️ Brent crude oil jumped 3% to top $100 per barrel again. US benchmark West Texas Intermediate crude also rose to trade above $92 per barrel. ✔️ The ceasefire extension has reduced immediate geopolitical risk and created additional room for diplomacy. Even so, energy markets remain under pressure. WTI crude is moving higher amid ongoing disruptions in the Strait of Hormuz and the continued U.S. blockade of vessels tied to Iranian ports. ✔️ Boeing rose, helped by a smaller-than-expected quarterly loss. The company’s order backlog expanded to a record $695 billion, with commercial airplane revenue up 13% year over year and defense, space, and security revenue climbing 21%. ✔️ President Donald Trump praised Tim Cook in a lengthy Truth Social post, calling the outgoing Apple CEO an “incredible guy.” ✔️ GE Vernova surged after beating earnings and revenue expectations and lifting its fiscal 2026 outlook. Strength was driven in part by robust demand from data centers for power equipment. ✔️ United Airlines gained after posting better-than-expected quarterly results. However, its second-quarter EPS guidance came in below consensus. ✔️ Alphabet rose after updating investors on expanded cloud partnerships. ✔️ Microsoft’s LinkedIn names longtime exec Dan Shapero its new CEO. ✔️ T-Mobile US slipped further after a report that Deutsche Telekom is considering a potential merger involving the company. ✔️ Google has introduced new custom chips designed for both AI training and inference, marking its latest effort to compete with Nvidia in the rapidly growing artificial intelligence hardware market. ✔️ Palantir gained after the AI software company struck a $300 million deal with the US Department of Agriculture (USDA). ✔️ ServiceNow reported first-quarter earnings that met estimates while revenue edged by Wall Street targets. The enterprise software maker's financial results and updated 2026 guidance sent ServiceNow stock down. ✔️ Bitcoin futures jumped 5%, revisiting levels above $78,000. Crypto-related stocks, including MicroStrategy, Circle Internet Group, and Coinbase Global, rose between 4% and 6% alongside the move, reflecting a more risk-on market tone. ✔️ The Trump administration may be nearing a deal to save struggling low-budget air carrier Spirit, according to a Wall Street Journal report. ✔️ The Dow transports index hit its 10th intraday record high in the last 11 sessions and is up 34% over the last month.  💲What Else to Watch This Week💲 🟢 April 23: Expected earnings from American Express (AXP), NextEra Energy (NEE), Thermo Fisher Scientific (TMO), Honeywell (HON), Union Pacific (UNP), Lockheed Martin (LMT), Blackstone (BX), Comcast (CMCSA), Freeport-McMoRan (FCX), Intel (INTC), Gilead Sciences (GILD), and Newmont (NEM). 🟢 April 24: Final April University of Michigan Consumer Sentiment. 🟢 April 27: Expected earnings from Verizon (VZ), Domino's Pizza (DPZ), Public Storage (PSA), and Nucor (NUE). 🟢 April 28: April consumer confidence and expected earnings from Coca-Cola (KO), Novartis AG (NVS), Corning (GLW), BP PLC (BP), Spotify (SPOT), UPS (UPS), American Tower (AMT), Sherwin-Williams (SHW), Visa (V), T-Mobile (TMUS), Seagate (STX), Starbucks (SBUX), Waste Management (WM), and Mondelez (MDLZ).  🟢 April 29: February housing starts and building permits, March durable orders, February new home sales, FOMC interest rate decision, and expected earnings from Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Meta (META), Abbvie (ABBV), and Qualcomm (QCOM). 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