CNBC — 2026-04-13#

Lead Story#

U.S. President Donald Trump initiated a naval blockade of the Strait of Hormuz after weekend peace talks with Iran collapsed in Pakistan, sending crude oil prices surging and escalating the world’s worst energy shock,,.

Markets & Economics#

Despite the Strait of Hormuz blockade and an initial 8% spike in crude oil futures, equities staged a massive comeback, with the S&P 500 jumping 1.02% to 6,886.24 to erase its Iran war losses,,. The Dow Jones Industrial Average rebounded from a 400-point deficit to close 301 points higher, while the Nasdaq Composite gained 1.23%. Treasury yields ticked lower, with the 10-year note slipping 2 basis points to 4.291%, as investors priced in hopes of a diplomatic resolution to the conflict,. On the economic front, March existing home sales fell 3.6% to a nine-month low of 3.98 million annualized units as rising mortgage rates sidelined potential home buyers,.

Business & Earnings#

Goldman Sachs posted strong first-quarter earnings of $17.55 per share on $17.23 billion in revenue, fueled by record equities trading and a 48% surge in investment banking fees,,. However, the bank’s shares slid more than 2% after a disappointing 10% drop in fixed-income (FICC) revenue raised concerns on Wall Street,. Oracle shares popped nearly 13% to lead a software sector rebound after contracting 1.2 gigawatts of capacity from Bloom Energy, just days after securing a lucrative $400 million stock warrant with the fuel cell maker,. In biotech, Revolution Medicines saw its stock soar over 30% after its pancreatic cancer pill, daraxonrasib, succeeded in a Phase 3 trial by nearly doubling patient survival lengths compared to chemotherapy,.

Investing & Commentary#

BlackRock upgraded its outlook on U.S. equities to “overweight,” arguing that strong first-quarter corporate profit expectations outweigh the contained macroeconomic damage from the Middle East,. Meanwhile, Jim Cramer pointed out that stable interest rates—not geopolitical headlines—are the true catalyst keeping the bull market alive, predicting the Fed will view energy-driven inflation spikes as a one-off,. Fundstrat’s Tom Lee echoed this bullishness on the trading floor, noting that the market’s ability to look past the “fog of war” historically signals that a favorable resolution is already being discounted by savvy investors.

Also Worth Watching#

• Suspect in attack at Sam Altman’s house aimed to kill OpenAI CEO, warned of humanity’s extinction from AI: Prosecutors charged a suspect who threw a Molotov cocktail at Sam Altman’s home with attempted murder, citing a manifesto warning of human extinction via AI,.
• LVMH sales miss expectations as luxury recovery is put on pause amid Middle East war: The luxury giant reported a muted 1% organic sales growth in Q1, missing estimates as the Middle East conflict weighed heavily on global demand,.
• OpenAI announces first permanent London office after halting UK Stargate project: The AI firm is leasing an 88,500-square-foot space in King’s Cross for over 500 employees, pivoting its European expansion despite halting its U.K. Stargate project over energy costs,.
• Europe cheers Orbán defeat as a bloody nose for the Kremlin – but Hungary’s future remains contested: Hungarian Prime Minister Viktor Orbán conceded defeat to Peter Magyar’s Tisza party in a landslide election, dealing a significant blow to both Moscow and Washington’s populist wings,.