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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)

Oil spikes, equity stocks slump as President Trump commits to hitting Iran “extremely hard” over the next 2 to 3 weeks

The ongoing war threatens to bring about an even more pronounced disruption to energy supplies, with negative ramifications for economic activity and financial markets.

Luke Kawa

West Texas Intermediate oil futures spiked double digits and US equity futures slid after President Donald Trump said the US military operations against Iran would continue over the next two to three weeks.

In his prime-time address, the president said the US would hit Iranian targets “extremely hard” during this period, and that he would also consider hitting Iran’s electric generation plants and energy infrastructure if he is unable to strike a deal with the country’s new leadership.

Trump added that America’s core strategic objectives were “nearing completion.”

The SPDR S&P 500 ETF is down about 1.5% as of 7:26 a.m. ET. WTI futures, which had been trading around $98 per barrel ahead of the speech, broke above $109.

The ongoing war threatens to bring about an even more pronounced disruption to energy supplies, with negative ramifications for economic activity and financial markets. The flow of oil through the Strait of Hormuz, a key choke point for energy shipments, has slowed to a trickle. The president said that countries that rely on this waterway for oil should either get this commodity from the US or take the lead in ensuring the security of shipments through the strait, reiterating sentiments he previously expressed on Truth Social.

“This amounts to handing control of at least US oil and gasoline prices to other countries and not least Iran, in an election year giving these actors a likely direct sway over the President’s political fortunes,” wrote 22V Research analyst Jacob Funk Kirkegaard. “The most, perhaps only, genuinely encouraging element of the President’s speech was his complete lack of any mentioning of ground troops, hereby evidently foregoing a prime opportunity to prepare the American electorate for such a decision, surely multiplying the political costs for himself were he to nonetheless order any type of ground assault in the coming weeks.”

Though the thrust of these remarks was largely in line with what had been reported ahead of the speech, traders had been growing more optimistic about the prospect of an imminent wind-down to the kinetic conflict. The S&P 500 closed higher Wednesday, marking its best two-day stretch of gains since last May.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

markets

Rocket Lab deal lifts space stocks

Shares of Rocket Lab are surging after announcing an $8 billion acquisition of satellite communications operator Iridium Communications, helping lift a broader basket of space-related stocks as investors piled back into the sector.

Planet Labs, AST SpaceMobile and Redwire all traded higher alongside Rocket Lab, extending gains in an industry that has drawn enhanced investor attention in recent months in light of the strategic importance that governments place on space and satellite communications infrastructure.

In a presentation, Rocket Lab’s management called the purchase “a shortcut” for its satellite communications business.

Under the terms of the agreement, Iridium shareholders will receive $27 in cash and Rocket Lab stock, valuing Iridium at $54 per share. Backed by a $3.6 billion bridge loan committed by Deutsche Bank and Wells Fargo, Rocket Lab absorbs Iridium’s globally licensed spectrum and an active base of 2.5 million subscribers.

Rocket Lab has also remained one of the most active launch providers in the sector. The company completed its 12th launch of the year last week, maintaining one of the highest launch cadences among commercial space companies.

Today's rally helps offset a brutal stretch for the group. Rocket Lab shares had fallen over 35% over the prior month, while Planet Labs stock was down more than 40% and AST SpaceMobile stock was down around 30% over the same window.

markets
Jake Lahut

Comcast shares rise on news of NBCUniversal spinoff deal

Comcast rose on the news that the telecom behemoth is spinning off NBCUniversal and Sky from its cable portfolio. 

Comcast initially jumped up to 17% in early trading, with the deal leaving management to focus on its core verticals of cable, wireless, and business services. 

NBCUniversal and Sky will form a new publicly traded company, similar to Versant Media, the holding company of CNBC and MS NOW that Comcast officially spun off in January. Bravo, one of the most lucrative properties that remained at Comcast, will remain part of NBCUniversal in the deal. The Universal theme parks and studios will also come with the new spinoff entity, along with Telemundo and Peacock.

Mike Cavanagh, the co-CEO of Comcast, will become the CEO for NBCUniversal, according to CNBC. 

The spinoff will be completed in about a year, according to a Comcast company statement. Its shareholders will also own shares in NBCUniversal, according to the same statement.

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