Hey Snackers,
Despite the rising cost of beef, Americans seem to be buying more of it than ever. As of January 2026, there are now four people for every cow in the US, while in 1980, this ratio was around two humans per cow. Part of the reason for the shift is that more meat per cow is now harvestable, thanks to changes in genetics and feeding techniques.
The S&P 500, Nasdaq 100, and Russell 2000 once again notched record closing highs last week, as both the US and Iran declared the Strait of Hormuz open. Oil tumbled on the news. (More on that below…)Â
🧠Give our Snacks Seven Quiz a try. Here’s the first question:
What is the most popular name for men in the US?
On Friday, markets loved that the Strait of Hormuz was opened for business. What a difference a weekend makes.
Early Friday morning, Iran’s foreign minister posted on X declaring the Strait of Hormuz open. President Trump chimed in shortly thereafter: “IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!” Just like that, markets shifted.Â
But just as fast as the Strait was opened, it was closed again and the state of the war was as tenuous as it’s been since the ceasefire started. On Saturday morning, Iran’s military reportedly said the strait had “returned to its previous state.” A UK maritime authority said it had gotten word of a tanker coming under Iranian fire near Oman. Ships were turning back.Â
Then Sunday night, things got even more heated: President Trump and US Central Command said the US had opened fire on an Iranian ship that had, after hours of warnings, defied the US blockade of its ports. The US said Marines had seized the ship. The Associated Press, citing Iranian state-run media, said Iran vowed a swift response.
S&P 500 futures dropped sharply as soon as trading opened Sunday evening as confusion reigned in the waterway. Oil futures rose.
Many of the stocks whose trajectories shifted on Friday — like airlines, cruise companies, energy stocks, and risk-on plays — stood to potentially have their fortunes reversed during Monday trading.Â
The TakeawayÂ
The war in Iran has shown time and time again just how quickly things can change, but investors were hopeful that opening the strait — the most meaningful economic choke point of the war — would at least lead to lower costs, and potentially an eventual end to the war. Now that future has gotten cloudier.Â
Space Technology: An Emerging Investment Opportunity
The space economy is no longer in its experimental era. Right now, it’s a $626 billion commercial market projected to hit $1 trillion by 2035.1Â
As technology advances, an array of space-based applications is transforming into potential high-growth markets. It’s not limited to aerospace and defense incumbents — emerging disruptors and new private-market entrants are all expanding the investable universe.
With launch costs falling and reusable rockets unlocking renewed commercial scale, there is a real opportunity for investors to hone in on the orbital economy.
The Global X Space Tech ETF (ORBX) provides exposure to companies generating significant revenue from space-specific business lines. Made up of everything from launch systems to satellite telecom to space tourism, ORBX seeks to invest in innovators that are shooting for the stars.
Don’t just watch the launch. Be part of the next generation of space tech with ORBX, the pure-play space ETF.
Stories we’re obsessed with
Investors sold Netflix on Friday, but analysts are still bullish: Netflix fell nearly 10% on Friday, its worst day since October 2025, as its Q1 revenue beat after the bell on Thursday was overshadowed by the announcement of CEO Reed Hastings’ departure and downbeat Q2 guidance. Analysts from both JPMorgan and Morgan Stanley, however, reiterated their “overweight” ratings. As Morgan Stanley pointed out, Netflix said its ad-supported tier now represents 60% of its new sign-ups (up from 50% in 2024) in the 12 countries where it’s offered.
LIV Golf is reportedly losing its Saudi backers: Saudi Arabia’s Public Investment Fund is looking to cut spending on LIV Golf after pumping $5 billion into the tour. Despite bumper signing bonuses, prize pots, and contracts that lured the blue-chip names of the golf world, LIV just never made the online splash that the Saudi Kingdom’s financial managers were likely hoping for. Check out our chart of the social media followers for LIV Golf compared to the PGA Tour.
Snacks Shots
With the status of the Strait of Hormuz giving oil prices whiplash, traders’ forecasts for its price by the end of the year were also shifting rapidly on the news. Event contracts* on Sunday showed a 43% likelihood of oil costing $130.01 a barrel or higher by the end of 2026. On Friday, that was 33%. On April 5, that likelihood had topped out at 77%.
What else we're Snackin'
Eli Lilly’s GLP-1 pill hit nearly 1,400 prescriptions in its first week
On Friday, Anthropic launched Claude Design, a dedicated app powered by its latest model, Claude Opus 4.7
Apple’s iPhone shipments in China jumped 20% last quarter, even as the country’s overall smartphone market fell 4%
This week
Earnings expected from Cleveland-Cliffs, Alaska Air, and Steel Dynamics
Earnings expected from GE Aerospace, DR Horton, RTX Corp, Synchrony Financial, Halliburton, Northrop Grumman, UnitedHealth, 3M, Interactive Brokers, and United Airlines. March retail sales
Earnings expected from Tesla, GE Vernova, Boeing, AT&T, CME Group, Vertiv, Texas Instruments, Philip Morris International, Lam Research, ServiceNow, Southwest Airlines, IBM, Crown Castle, and Las Vegas Sands
Earnings expected from Lockheed Martin, Freeport-McMoRan, NextEra Energy, American Airlines, Dow, Blackstone, American Express, Intel, and Baker Hughes
Earnings expected from Procter & Gamble, Hasbro, and Gilead
1. Â Novaspace. (2026, January). The Space Economy Report.