“Once you choose hope, anything’s possible.” ✍️ — Christopher Reeve |
✅ Major U.S. financial markets are under pressure after optimism for a quick easing of tensions in Iran unraveled. ✅ Donald Trump abruptly dismissed Pam Bondi as attorney general amid mounting frustration over her handling of high-profile cases, signaling a broader reshuffling within his administration. ✅ Escalating conflict rhetoric from Donald Trump regarding Iran sent global oil markets surging, as fears of prolonged supply disruptions—especially through the Strait of Hormuz—drove prices sharply higher. ✅ Coinbase achieved a major regulatory breakthrough with conditional approval to operate as a trust bank, paving the way for expanded crypto payment and financial services under federal oversight. ✅ Tesla saw its stock drop after disappointing delivery numbers highlighted ongoing challenges in its core auto business despite ambitions in autonomy and robotics led by Elon Musk. ✅ Crypto adoption continues to advance across traditional finance institutions. |
↘ Dow 46,504.67 - 0.13%
↗ Nasdaq 21,879.18 + 0.18%
↗ S&P 6,582.69 + 0.11% |
Donald Trump Fires Attorney General Pam Bondi |
Image courtesy of Alex Brandon/Pool via AP |
President Donald Trump dismissed Attorney General Pam Bondi on Thursday, marking a major shake-up at the Department of Justice. The firing follows mounting frustration over Bondi’s handling of DOJ files related to Jeffrey Epstein and the department’s failure to prosecute several of Trump’s political adversaries. Trump announced that Deputy Attorney General Todd Blanche will serve as acting attorney general, praising him as a “very talented and respected legal mind.” Trump is also reportedly considering Lee Zeldin as a permanent replacement, signaling a possible longer-term shift in DOJ leadership. In a social media post, Trump thanked Bondi for her service, calling her a “great American patriot” and highlighting her role in overseeing a nationwide crime crackdown. He added that she will transition to a private-sector role in the near future. Bondi confirmed the transition, stating she will spend the coming weeks handing over responsibilities to Blanche before moving into a new role outside government, where she intends to continue supporting Trump and his administration. Bondi’s ouster comes just weeks after Trump removed Kristi Noem as Homeland Security secretary, underscoring a broader reshuffling within his cabinet. |
Donald Trump’s Iran War Speech Wasn’t Great for Oil Markets |
Image courtesy of Brandon/Pool via REUTERS |
Oil markets surged after President Trump signaled the U.S. war with Iran will continue for weeks, dashing hopes for a quick resolution. Instead of outlining an exit strategy, Trump vowed to intensify the conflict, warning Iran would be hit “extremely hard.” Crude prices reacted with U.S. oil jumping more than 10% to above $110 per barrel and Brent crude rising over 6% to exceed $107. Analysts warn the conflict could remove more than 600 million barrels of crude and up to 1 billion barrels of total oil and refined products from global supply by the end of the month. The move is being driven in part by disruptions in the Strait of Hormuz, a critical chokepoint that previously handled about 20% of global oil flows. With no clear U.S. plan to reopen the Strait, markets are increasingly pricing in a prolonged disruption to global energy supplies. Trump stated that the U.S. does not rely on oil passing through Hormuz and urged other nations to take responsibility for securing the route, while also encouraging them to purchase American oil. Experts say the longer the conflict drags on, the more severe the supply shortfall becomes, with an additional 450 million barrels at risk for each month of continued fighting. |
Coinbase Clears Key Regulatory Hurdle |
Image courtesy of pymnts.com |
Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a trust bank, marking a major regulatory milestone. If finalized, the company would be able to offer payment products alongside its custody services under federal supervision, significantly expanding its capabilities. According to chief legal officer Paul Grewal, this approval opens the door for Coinbase to develop broader financial infrastructure, particularly in crypto payments. The company emphasized it will not become a traditional bank, stating it will not take retail deposits or engage in fractional reserve banking. However, a trust charter would still provide key advantages, including legal authority, access to banking infrastructure, and greater regulatory credibility—allowing Coinbase to move, hold, and settle funds more efficiently. The approval also shifts Coinbase closer to federal oversight, reducing reliance on complex state-by-state regulation that has long challenged crypto firms. Grewal noted that this path reflects a broader shift in U.S. policy, referencing Donald Trump’s goal of positioning the country as the “crypto capital of the world,” in contrast to stricter policies under Joe Biden. Coinbase is building a payments ecosystem centered on stablecoins, particularly USDC, in partnership with companies like Shopify and Stripe. The company has already launched Coinbase Payments and related infrastructure to support merchants and platforms adopting stablecoin transactions. CEO Brian Armstrong has set an ambitious goal of making USDC the world’s leading stablecoin and positioning Coinbase as the top global financial services app. |
Tesla Stock Drops More Than 5% On Disappointing Deliveries Report |
Image courtesy of Investopedia |
Tesla shares fell more than 5% after the company reported weaker-than-expected first-quarter vehicle deliveries, missing analyst forecasts. The company delivered 358,023 vehicles in Q1, down 14% from the previous quarter, though slightly up 6% year over year. Analysts had expected around 370,000 deliveries, according to estimates, making the shortfall a key driver of the stock’s decline. The drop marks Tesla’s steepest decline this year, with the stock now down nearly 20% in 2026. Production for the quarter came in at 408,386 vehicles, with the Tesla Model 3 and Tesla Model Y accounting for the vast majority of deliveries. Tesla continues to rely heavily on its core auto business, even as CEO Elon Musk pivots toward future projects like autonomous “Cybercab” vehicles and humanoid robots. The company has already ended production of its flagship Tesla Model S and Tesla Model X, signaling a shift in strategy toward next-generation technologies. Despite ambitions in autonomy and robotics, Tesla has yet to generate revenue from these initiatives, leaving vehicle sales as its primary income source. Meanwhile, newer products like the Tesla Cybertruck have yet to achieve mass-market success, though the company plans to ramp up production of its electric Semi truck in 2026. Tesla’s energy business also raised concerns, with battery storage deployments falling to 8.8 GWh in the quarter, down from 14.2 GWh in the previous period. Analysts noted that while some variability is expected, the decline in energy performance was unexpected and adds uncertainty to Tesla’s growth outlook. |
Image courtesy of fool.com |
Crypto pushes ahead on multiple fronts: Despite being mired in a deep bear market—and with some critics declaring it “dead”—others continue to press forward with efforts to integrate crypto and blockchain into key pillars of everyday American finance. From the New York Stock Exchange to home mortgages and retirement accounts, momentum is building. Here’s a snapshot of notable developments over the past couple of weeks: Here is just some of what's happened in the past two weeks or so: The Department of Labor proposed giving the green light for 401(k) plans to invest in cryptocurrencies among other alternative assets, perhaps unlocking a slice of the $10 trillion in assets currently sitting in 401(k) accounts. The Federal National Mortgage Association, the home mortgage giant known as Fannie Mae, agreed to accept crypto-backed mortgages offered by Coinbase and Better Home & Finance Holding. This will enable borrowers to post crypto holdings as collateral for a loan to cover their downpayment. They won't have to sell those holdings and the terms of the mortgage won't change if the crypto falls in value. The NYSE said it was partnering with Securitize to develop its own platform for trading tokenized securities.
Paul Atkins, chair of the Securities and Exchange Commission (SEC), and Michael Selig, chair of the Commodity Futures Trading Commission (CFTC), spoke at the pro-crypto Digital Asset Summit in New York. A New York Times article said the relationship between crypto and regulators is entering a "new, cozier phase." In a survey by Coinbase and EY-Parthenon, 73% of 351 institutional investors said they planned to increase their crypto allocations in 2026. The SEC and CFTC jointly declared 16 cryptocurrencies commodities rather than securities, which will likely mean fewer regulatory hurdles for new investment products. |
📉 ON THE MOVE AND NOTABLES 📈 |
✔️ Oil prices surged on Thursday morning while equities and bonds sold off sharply following President Trump’s address on Wednesday, which failed to outline a clear path toward resolving the Iran conflict. ✔️ WTI crude is now trading at $113 per barrel, driven by growing concerns over disruptions to supply through the Strait of Hormuz. Analysts caution that prices could climb significantly higher if these disruptions continue into April. ✔️ Energy stocks followed oil higher after the President’s address, with Exxon Mobil rising 3%, Chevron up more than 2%, and Devon Energy, ConocoPhillips, and Occidental Petroleum each gaining over 3%. ✔️ Airline shares moved sharply lower, as Delta Air Lines, United Airlines, and Alaska Air all dropped at least 3% in early trading. ✔️ Bond markets globally are weakening amid rising inflation concerns and the possibility of further rate hikes, though U.S. bonds have held up somewhat better, supported by the Federal Reserve’s current stance against tightening policy in response to an energy shock. ✔️ The dollar is strengthening against major currencies in a broader risk-off move, while gold prices are down.Top of FormBottom of Form ✔️ Mortgage rates rose for 5th straight week above 6%. ✔️ Satellite communications firm Globalstar jumped after reports that Amazon was in discussions to acquire the company. ✔️ Penguin Solutions, an artificial intelligence infrastructure provider, climbed after delivering stronger-than-expected fiscal second-quarter results. ✔️ Market volatility increased notably, with the Cboe Volatility Index rising more than 12% to 27.5, signaling heightened investor anxiety. ✔️ Beyond Tesla, the rest of the so-called “Magnificent Seven” stocks were also under pressure ahead of the open, each declining by at least 1%. ✔️ General Motors slipped after reporting that first-quarter sales dropped about 10% from the prior quarter. ✔️ Blue Owl stock (OWL) stock declined after the private credit manager said it saw a wave of withdrawal requests for two of its non-traded funds. ✔️ Ford (F) shares shed after the company announced first quarter sales figures down roughly 9% year over year. Sales of the company's F-series trucks, the US's bestselling car, dropped 16%. ✔️ Eli Lilly edged down following a nearly 4% gain the previous day after the FDA approved its weight-loss pill. ✔️ Memory chip stocks gave back some of Wednesday’s strong gains, with Micron, Western Digital, and SanDisk each falling more than 5% after rallying 9% or more a day earlier. ✔️ Market breadth remains subdued, with only 28% of S&P 500 companies trading above their 50-day moving averages—an improvement from below 20% last week, but well off the more than 70% seen during earlier broad-based gains. Fewer than half of stocks are currently trading above their 200-day moving averages. ✔️ Coca-Cola is featuring multiple restaurant chains in an advertising campaign for the first time. ✔️ TBPN — which stands for Technology Business Programming Network — is being acquired by OpenAI, the company said on Thursday. ✔️ SpaceX has had discussions with Saudi Arabia’s Public Investment Fund about PIF potentially taking an anchor stake of around $5 billion in the space company’s IPO. ✔️ Bed Bath & Beyond is buying The Container Store, Elfa, and Closet Works in a $150 million deal. |
💲What Else to Watch Ahead💲 |
Today’s March nonfarm payrolls report will provide an important snapshot of the U.S. labor market as it begins to absorb the impact of rising oil prices. February’s report showed a disappointing decline of 90,000 jobs, likely influenced in part by temporary factors such as strikes and seasonal effects. A rebound is expected in March, with economists forecasting an increase of around 75,000 jobs. 🟢 April 3: March nonfarm payrolls, March unemployment, equity markets closed for Good Friday and bond trading ends early. 🟢April 6: No major earnings or data expected. 🟢April 7: No major earnings or data expected. 🟢April 8: Expected earnings from Delta Air Lines (DAL), Constellation Brands (STZ), and Applied Digital (APLD). 🟢April 9: Fourth quarter GDP—third estimate, February PCE prices.
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