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President Trump Addresses The Nation On The Conflict In Iran
US President Donald Trump speaks from the Cross Hall of the White House on April 1, 2026, in Washington, DC. Trump used the prime-time address to update the nation on the war in Iran (Alex Brandon-Pool/Getty Images)

Futures surge, oil tumbles after President Trump agrees to 2-week ceasefire

S&P 500 futures rose 2%, while WTI futures tumbled double digits.

Luke Kawa

US equity futures spiked and oil futures tanked after US President Trump said he agreed to a two-week ceasefire with Iran as the two sides work to find a lasting end to the conflict.

S&P 500 futures rose as much as 2%, while front-month West Texas Intermediate futures tumbled double digits, as of 7:05 p.m. ET.

In a Truth Social post, the president said the double-sided ceasefire was contingent on Iran “agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

Iran’s minister of foreign affairs acknowledged the agreement in a post on X, writing, “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations.”

Trump added that Iran’s 10-point blueprint for a peace plan, which includes an end to the blockade of the strait, “is a workable basis on which to negotiate.” His message came roughly 90 minutes ahead of the 8 p.m. deadline the president had set to reach a deal with the Gulf nation, after which time he pledged to escalate attacks on Iran by hitting bridges and civilian power plants.

That 8 p.m. cutoff was itself the result of delays to previous deadlines set by the president.

The S&P 500 erased losses late in the regular trading day on Tuesday after Pakistan’s prime minister requested that Trump hold off on additional attacks for two weeks “to allow diplomacy to run its course” and for Iran to open the Strait of Hormuz for the same period as a “goodwill gesture.”

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Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

  • Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).

  • Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).

  • Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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