Morning Bid: Another deadline dodged

• Brent crude traded near $100/barrel and WTI at $91/barrel as Iran maintains its Strait of Hormuz closure despite the ceasefire extension, with cargo ships reportedly turned away
• Fed Chair nominee Kevin Warsh testified he was not pressured by Trump for rate cuts and focused on 'regime change' in Fed policy framework; markets see less than 50% chance of rate cuts resuming this year
• Tech stocks continue rallying with SK Hynix breaking into top 10 most valuable companies globally, while Intel reports Thursday after gaining 50% in April amid AI chip partnerships with Google and Elon Musk's Terafab project

Morning Bid: Another Deadline Dodged - Summary

Key Developments:

President Trump extended the Iran war ceasefire past Wednesday's deadline, though it remains unclear if other parties have agreed. The U.S. blockade of Iranian ports continues, which Iran claims breaches the ceasefire. The Strait of Hormuz remains closed, with cargo ships reportedly targeted this morning, and no timeline for fresh talks has been established.

Market Response:

• Brent crude prices fell to just under $100/barrel; WTI crude traded around $91/barrel
• Global stock markets and Wall Street futures edged higher, betting on eventual de-escalation
• Asian tech stocks continued setting new highs, with South Korea's SK Hynix joining the top 10 most valuable companies globally
• Intel shares surged 50% in April, marking one of the chip giant's best months on record

Federal Reserve Update:

Fed Chair nominee Kevin Warsh testified before Congress, denying pressure from Trump for immediate rate cuts. Warsh focused on "regime change" in the Fed's policymaking framework and balance sheet reduction. Markets assign less than 50% probability of Fed rate cuts resuming this year amid renewed inflation pressures. Treasury markets and the dollar remained steady post-testimony.

Economic Data:

• March U.S. retail sales came in stronger than expected, even excluding gas receipts, suggesting the economy has weathered the oil shock
• UK inflation rose to 3.3% in March from 3.0%, though core prices remained subdued

Upcoming Events:

Tesla and Intel earnings reports due Thursday; U.S. 20-year bond auction scheduled for 1 p.m. EDT Wednesday.