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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 two-week ceasefire

S&P 500 futures rose 2%, 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 upon 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 that “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. ET 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. ET 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 President 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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J. Edward Moreno

Levi Strauss jumps after raising full-year guidance, reporting earnings beat

Levi Strauss rose more than 11% in premarket trading after it beat earnings expectations and raised its full-year guidance.

For its fiscal year 2026, which ends December 1st, the apparel giant now expects to report:

  • Revenue growth between 5.5% to 6.5%, up from 5% to 6%. Analysts polled by FactSet are penciling in about 6.21% sales growth.

  • Adjusted earnings per share between $1.42 to $1.48, up from $1.40 to $1.46, but still a hair below the $1.49 the Street was expecting.

The company also beat expectations for its first quarter, which ended March 1. It reported:

  • Quarterly adjusted earnings per share of $0.42, versus $0.37 expected.

  • Revenue of $1.74 billion, more than 5% ahead of the $1.65 billion that was expected, with direct-to-consumer sales making up the majority of its revenue stream for the quarter.

The stock is up nearly 11% as of 6:35 a.m. ET, having shed roughly ~5% from the start of the year to yesterday's close.

markets
Hyunsoo Rim

Oil plummets on two-week ceasefire announcement, dragging energy stocks lower

Oil prices are sharply lower Wednesday morning, extending their biggest single-day drop in six years after President Trump announced a two-week ceasefire with Iran that includes reopening the Strait of Hormuz, through which about a fifth of global oil supply flows.

As of 5:10 a.m. ET, international benchmark Brent crude was down 13.6% at around $94 per barrel, while US WTI crude fell ~16% to $95 per barrel — following its steepest one-day decline since the Russia-Saudi price war in March 2020 and extending the overnight selloff.

A slew of energy stocks are also giving back some of their war-driven gains, with oil-and-gas producers including Occidental Petroleum, Devon Energy, Diamondback Energy, ConocoPhillips, APA Corporation, Coterra Energy, and EOG Resources all down 6-9% in premarket trading.

Oil majors Exxon and Chevron both fell more than 5%, while fuel refiners including Marathon Petroleum, Valero, and Phillips 66 moved 4-6% lower.

Oilfield services names like Halliburton and natural gas producer EQT Corp fell 4-5%, while Chemical makers Dow, Inc. and LyondellBasell, along with fertilizer company CF Industries, are also trading lower. Natural gas exporter Cheniere Energy was also deeply in the red.

Tasha Matsumoto
15h
Stocks eke out gain ahead of tonight’s deadline for Iran to reopen the Strait of Hormuz

Traders were jittery ahead of the looming deadline, while President Trump posted on Truth Social that “a whole civilization will die tonight” if an agreement is not reached.

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Luke Kawa
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Anthropic is releasing its new model to select companies to get a head start on cyber defense

Fortune reported that the Claude developer would be doing this in late March.

Co-founder and CEO of Anthropic, Dario Amodei
Luke Kawa
19h
Stocks sink and oil spikes as traders price in enduring, worsening Mideast war

Stocks and oil are building in more risk premium to deal with the perceived increased probability of a more drawn-out disruption to global energy supplies and shipments.

WH Briefing Iran 4/6/26

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