Live Bloomberg ticker as of read; futures and opens move quickly.
| Instrument | Last | Change |
|---|---|---|
| S&P 500 | 7,140.50 | +0.47% |
| Nasdaq | 24,678.72 | +0.84% |
| Bloomberg 500 (B500) | 2,574.15 | +0.52% |
| FTSE 100 | 10,332.79 | +0.11% |
| US 10y Treasury | 4.35% | unch |
| EUR/USD | 1.17 | +0.09% |
| GBP/USD | 1.35 | +0.14% |
| Crude oil (WTI) | $99.99 | +3.76% |
| Gold | $4,609.10 | +1.80% |
For context, Tuesday's US cash close: S&P 500 −0.49% to 7,138.80, Nasdaq −0.9% to 24,663.80, Dow essentially flat. Today's pre-open shows a modest rebound bid.
Iran is still the dominant macro thread. WTI is back near $100, up almost four percent on the session, with the UAE's planned May OPEC exit layering a structural shift on top of the cyclical war premium. Trump's response to Tehran's Hormuz-for-blockade-lift offer reportedly comes down to the missing nuclear element — Rubio's framing was that any deal must definitively prevent a sprint to a weapon. The ceasefire holds technically, but the blockade is the leverage.
Inflation expectations are responding. Treasuries softened on the oil bid, and the World Bank now projects commodity prices at a four-year high in 2026. Bank of Canada is expected to hold despite the oil shock. Bloomberg's Big Take on "the billion-barrel Hormuz oil shock" argues demand destruction is the next leg — worth a read for the Fed-pricing implications.
The OpenAI growth-doubt narrative is the live tech story. Tuesday's tape took the hit; today the company is publicly defending its trajectory. The structural shift is Microsoft relinquishing exclusivity on OpenAI distribution, which clears Amazon to resell — a meaningful change in cloud-AI economics. Adjacent threads: Google has been cleared to sell its AI for classified Pentagon work, and Bloomberg estimates the AI buildout will triple the US power-equipment market to $65bn. Musk's lawyer's "mockery" jab at Altman is noise but adds to the legal-overhang theme around OpenAI's structure.
FTSE 100 is barely positive at the open (+0.11%); banks are leading on the broader continent ahead of a heavy earnings cluster — Barclays, UBS, Deutsche Bank, BNP Paribas all reporting this week. ECB and BoE both decide tomorrow. King Charles addresses the US Congress today, with Bloomberg's read that the visit lands at a low point in the so-called "special relationship," and downside risk if a UK envoy's recent remarks on US ties are read as official policy.
Brussels is exploring rolling over Covid-era debt as spending pressures build — early signal for the joint-debt debate ahead of summer. Commerzbank pushed back sharply on UniCredit's takeover overtures, an escalation in a 19-month campaign. Barclays' £66bn non-bank-lending exposure stays in the headlines next to Dimon's credit-cycle warning. Bank of Italy urged the Meloni government to keep a tight eye on spending.
Bank of Japan's hawkish hold leaves JPY as the actionable trade — watch for MoF rhetoric if it slips further. Citadel's Dubai green light is the financial-services counterpoint to the Gulf-tension story. Indian markets continue to absorb US–Iran war volatility; Bloomberg's "where to invest 10 lakh rupees" piece reflects domestic positioning around it. China-side, Longi reported a wider Q1 loss; Bloomberg Explainers continue to flag China's affordable AI as a competitive concern for Silicon Valley, with the Manus-Meta acquisition under regulatory cloud.