Daily News
Oil Hits $95 as Iran Seizes Ships and Strait Stays Shut, While Wall Street Records and Earnings Take Centre Stage
23 April 2026
Today in Brief
Asia markets reversed early gains after the U.S. intercepted Iranian tankers in Asian waters, oil surged to $95 on a fourth straight session of gains, and Iran seized two ships in the Strait of Hormuz even as Trump's ceasefire extension kept Wall Street at record highs.
On the earnings front, Tesla beat on profit but missed on revenue, ServiceNow sank 14% on Middle East headwinds, Lam Research topped forecasts, and SpaceX disclosed GPU manufacturing ambitions ahead of its landmark IPO.
Asia-Pacific markets give up early gains amid reports U.S. intercepted Iranian oil tankers in Asian waters
Asian markets gave up early gains and swung to losses, as investor confidence wavered on media reports that the U.S. has intercepted at least three Iranian oil tankers in Asian waters, heightening uncertainty that the Middle East conflict may drag on. Earlier in Thursday's session, Japan and South Korea stocks hit record highs, trailing overnight gains on Wall Street after President Donald Trump's extended a ceasefire with Iran, boosting investor sentiment alongside strong corporate earnings. The U.S. military has intercepted at least three Iranian flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday.
S&P 500, Nasdaq close at records after U.S. extends Iran ceasefire
The S&P 500 and Nasdaq Composite finished at record levels on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran, while upbeat earnings reports also lifted sentiment. The broad market index added 1.05% to finish at 7,137.90, while the tech-heavy Nasdaq added 1.64% to settle at 24,657.57. The latter had hit a new all-time intraday high in the session. The S&P 500 had erased all of its Iran war losses last week. Meanwhile, the Dow Jones Industrial Average advanced 340.65 points, or 0.69%, to end the day at 49,490.03. Shortly after Tuesday's close, Trump extended a two-week U.S. ceasefire, saying it was warranted due to Tehran's "seriously fractured" government.
Gold fell toward $4,700 an ounce on Thursday, giving back gains from the previous session
Gold fell toward $4,700 an ounce on Thursday, giving back gains from the previous session as markets continued to grapple with elevated uncertainty in the Middle East and the ongoing blockage of the Strait of Hormuz, which has kept energy prices high and inflation risks elevated. Tehran has maintained control over the waterway, restricting nearly all international traffic and reportedly firing on commercial vessels this week. The US has also upheld its blockade of Iranian ports to intensify pressure on the Islamic Republic, a move Tehran has condemned as a breach of the ceasefire. Meanwhile, President Donald Trump said the current truce would remain in place indefinitely as Washington awaits a new peace proposal from Iran.
WTI crude futures climbed to around $95 per barrel on Thursday, rising for the fourth straight session
WTI crude futures climbed to around $95 per barrel on Thursday, rising for the fourth straight session as diplomatic efforts between the US and Iran showed little progress and the Strait of Hormuz remained effectively closed. Tehran continues to assert control over the waterway, restricting nearly all international traffic and reportedly firing on commercial vessels this week. At the same time, the US has sustained its blockade of Iranian ports to intensify pressure on the Islamic Republic, a move Tehran has denounced as a breach of the ceasefire. Meanwhile, President Donald Trump stated that the current truce would remain in place indefinitely as Washington awaits a revised peace proposal from Iran, although Tehran has indicated it does not intend to engage in talks in the near term.
Justin Trudeau tells CNBC that international organizations may no longer be fit for purpose
Canada's former Prime Minister Justin Trudeau said at CNBC's CONVERGE LIVE in Singapore Thursday that international financial institutions were "spectacularly ill-adjusted" to respond to modern-day issues. "You can look to different places around the world to realize that those institutions, whether it was the WTO or the IMF or what have you, aren't necessarily fit for purpose in our decades now," Trudeau told CNBC's Mandy Drury. Trudeau called out "great powers," naming the U.S., China, Russia, and India, saying they had decided they can "opt in or opt out of pieces of the rules-based order." "The question of what do the rest of us do if we don't have them on board, driving a renewed world-based order is, I think, at the heart of the conversations people are having now," he said.
Iran says it has seized two ships in Strait of Hormuz after U.S. extends ceasefire
Iran's navy on Wednesday said it had seized two container ships in the strategically vital Strait of Hormuz, shortly after the U.S. extended the ceasefire and as diplomats seek to bring the countries together for peace talks. Iran's Revolutionary Guard Navy said in a statement that it had seized the ships for what it claimed were maritime violations and transferred them to Iranian shores, according to state media. CNBC could not independently verify the claim. The announcement came after U.K. maritime authorities said two ships had been attacked in the Strait of Hormuz. Iranian media reported a third vessel had also been targeted by the country's military.
DOJ won't drop Fed probe, will appeal judge's order blocking Powell subpoenas
U.S. Attorney Jeanine Pirro on Wednesday doubled down on her investigation of the Federal Reserve, even as the controversial probe endangers the confirmation of Kevin Warsh, President Donald Trump's pick to replace central bank Chairman Jerome Powell. The criminal investigation centers on alleged cost overruns associated with the ongoing renovations of two historic Fed buildings in Washington. Powell has accused the Department of Justice of targeting him for refusing to obey Trump's demand that the Fed sharply lower interest rates. The probe has raised concerns about the Fed's independence from executive-branch interference — so much so that Sen. Thom Tillis, R-N.C., has vowed to block Warsh's nomination until the DOJ drops it. At a press conference on Wednesday morning, Pirro said she would not back off.
U.S. Navy Secretary John Phelan leaving Trump administration: Pentagon
Secretary of the Navy John Phelan is leaving the Trump administration "effective immediately," a spokesman for the Department of Defense said in a statement Wednesday. The spokesman, Sean Parnell, did not provide an explanation for Phelan's sudden departure. Reuters, citing a source familiar with the matter, reported later Wednesday that Phelan had been fired. "On behalf of the Secretary of War and Deputy Secretary of War, we are grateful to Secretary Phelan for his service to the Department and the United States Navy," Parnell said in an X post. "We wish him well in his future endeavors." Navy Under Secretary Hung Cao will lead the military branch, which includes the U.S. Marines, in an acting capacity, Parnell said. Phelan's departure comes as the U.S. Navy enforces a high-stakes blockade of Iranian ports near the Strait of Hormuz. The key oil-shipping route has become a major choke point in the U.S.-Israeli war against Iran.
Tesla misses on revenue but beats on profit as auto margins jump
Tesla reported first-quarter earnings on Wednesday that beat analysts' estimates even as revenue came in weaker than expected. Shares of the electric vehicle maker initially rose about 4% in extended trading but gave up their gains after the company said on the earnings call that spending this year will be $5 billion above prior guidance. Tesla's stock has underperformed all of its megacap peers so far this year, dropping 14% as of Wednesday's close. The company's core automotive business continues to struggle against competitors across the globe like China's BYD and Xiaomi. Revenue increased 16% in the quarter from $19.3 billion a year earlier, according to Tesla's earnings statement. In its auto segment, revenue also rose 16% to $16.2 billion from $14 billion a year ago. Tesla confirmed in the earnings deck that it plans to make "more affordable trims" of its Model Y SUV and Model 3 sedans.
ServiceNow stock sinks 14% as subscription revenue takes hit from Iran war
ServiceNow reported first-quarter results on Wednesday that narrowly beat Wall Street's estimates as the software company said the conflict in the Middle East dragged on subscription revenue. The company said in its release that subscription revenue growth during the quarter "saw an approximately 75 basis point headwind from delayed closings of several large on-premise deals in the Middle East, due to the ongoing conflict in the region." The company reported quarterly subscription revenues of $3.67 billion, slightly above the $3.65 billion expected by FactSet. ServiceNow increased its forecast of fiscal 2026 subscription revenues to fall between $15.74 billion and $15.78 billion, up from the forecast it made last quarter of $15.53 billion to $15.57 billion.
Lam Research beats Q3 2026 forecasts, stock rises
Lam Research Corp. reported its financial results for the third quarter of fiscal year 2026, showcasing a strong performance that exceeded market expectations. The company reported earnings per share (EPS) of $1.47, surpassing the forecast of $1.35, and revenue of $5.84 billion, which also beat the anticipated $5.73 billion. Following the earnings release, Lam Research's stock rose by 2.78% in aftermarket trading, reflecting investor confidence in the company's robust financial health and growth prospects. Lam Research demonstrated record financial performance in the March 2026 quarter, with revenue increasing by 24% year-over-year and 9% sequentially. The company's growth was driven by strong momentum across all business segments, particularly in AI-driven semiconductor manufacturing.
SpaceX targets in-house GPUs as it warns investors of chip supply, costs
SpaceX may be tackling one of the biggest challenges in the chip business: manufacturing the keys to powering artificial intelligence called graphics processing units, or GPUs. Ahead of SpaceX's $1.75 trillion IPO expected this summer, the company has warned prospective investors of its big spending plans to develop AI and other technologies. It lists "manufacturing our own GPUs" among the "substantial capital expenditures" it is undertaking, according to excerpts of its S-1 registration reviewed by Reuters. Companies file this document to the U.S. Securities and Exchange Commission to disclose their risks and finances before going public. SpaceX did not immediately respond to a request for comment, and the size of the expected expenditure could not be determined.
