MARKET SNAPSHOT
Futures are broadly higher this morning on a potentially significant diplomatic signal: the Wall Street Journal reported overnight that President Trump told aides he is willing to end military hostilities in Iran even without a full reopening of the Strait of Hormuz — a meaningful walk-back from his repeated threats to reopen the waterway by force. A follow-up Truth Social post from Trump reinforced the tone, declaring the hard part is “done.” Tech, which has absorbed the most damage since the conflict began, is leading the bounce. The 10-year Treasury yield has retreated notably, offering relief to rate-sensitive sectors. A note of caution: Iran struck a Kuwaiti oil tanker in Dubai waters early this morning, a reminder that de-escalation headlines and on-the-ground reality remain out of sync.
Today is also the final trading day of Q1 2026 — the worst quarter for U.S. equities in several years. Quarter-end rebalancing flows will be active at the close.