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18 Apr 2026
Major Wall Street indices rocketed to fresh records Friday after Iran's announcement reopening the Strait of Hormuz sent oil prices sharply lower.
The broad-based S&P 500 gained 1.2 percent to 7,126.07, while the tech-rich Nasdaq Composite Index jumped 1.5 percent to 24,468.48. Both ended at records for the third straight day. Read more
Meta intends to conduct a first wave of sweeping layoffs planned for this year on May 20, with more coming later, three sources familiar with the plans told Reuters.
The Facebook and Instagram owner will lay off about 10% of its global workforce, or close to 8,000 employees, in that initial round, one of the sources said.
The company is planning further layoffs in the second half of the year, the three sources said, although details of those cuts, including date and size, were not yet settled. Executives may adjust their plans as they observe developments in artificial intelligence capabilities, the sources added.
The U.S. Energy Department said nine companies, including BP, Energy Transfer Crude Marketing and ExxonMobil, have taken loans of crude oil from the U.S. Strategic Petroleum Reserve (SPR). The move comes as part of efforts to manage supply flows and support market stability.
The department added that 26.03 million barrels of crude have been loaned out from the 30 million barrels offered under the SPR program. The update highlights continued drawdown activity from the emergency reserve amid ongoing adjustments in global oil supply dynamics.
Federal Reserve Governor Christopher Waller said Friday he’s not worried about the dollar losing its global reserve status.
Noting how many nations still use the dollar for trade, “there's a big difference between reserve currency status when people want to voluntarily use it versus when you're forcing people to use it,” Waller said at an appearance at Auburn University. “That's why I'm not that concerned about the US dollar losing reserve currency status, because people just trust the US dollar more than these other forms for doing international trade.”
U.S. natural gas futures rose 1% to a one-week high on Friday as output declined in recent days and LNG export flows stayed near record levels. However, gains were limited by forecasts for weaker demand next week, mild weather across key regions, and storage levels running about 7% above seasonal norms due to strong injections.
Spot power and gas prices in parts of Texas and California fell to record lows or negative levels as mild weather reduced heating and cooling demand while renewable generation remained strong. Analysts expect gas demand to stay subdued through early May, even as LNG exports remain elevated and production fluctuates near recent highs.
Gold prices rose on Friday, supported by a weaker U.S. dollar and easing geopolitical tensions after Iran’s foreign minister said the Strait of Hormuz remains open during a ceasefire. Spot gold climbed 1.5% to $4,861.32 per ounce, while U.S. gold futures also gained. Expectations that lower oil prices could ease inflation pressures and revive interest rate cut bets further boosted bullion sentiment.
Analysts said reopening of the strait and softer oil prices improved the outlook for gold, with some forecasting potential short-term gains above $5,000 per ounce. Silver, platinum, and palladium also rallied for the week. Meanwhile, trade disruptions were reported in India as banks paused gold and silver orders amid customs clearance issues, adding to supply-side uncertainty.
Weight-loss drug developer Kailera Therapeutics' shares surged 62.5% in their Nasdaq debut on Friday after closing a $625 million U.S. initial public offering, as Wall Street's appetite for the fast-growing market remains unsated.
Success of newer weight-loss therapies has spurred a rush of investment as drugmakers race to challenge pharma giants Eli Lilly and Novo Nordisk in what is expected to become a $150-billion annual market by the end of the decade. Read more
San Francisco Fed President Mary Daly said incoming Fed leadership, including Kevin Warsh if confirmed as chair, may enter with policy plans but will ultimately be shaped by unexpected economic conditions. She stressed that every Fed chair must respond to evolving data rather than preset agendas, citing past shocks like financial crises and productivity shifts that forced major policy adjustments.
Daly said she previously expected one or two rate cuts this year but has now shifted to a wait-and-see stance due to elevated oil prices and inflation risks linked to geopolitical tensions. While affirming confidence in Warsh’s commitment to the Fed’s dual mandate and independence, she noted his call for closer coordination with the Treasury and warned that monetary policy must remain insulated from political pressure even as communication between institutions remains important.
AEVEX shares jumped 15% in their New York Stock Exchange debut on Friday after the drone maker priced its IPO at $20 per share and opened at $23.01, giving it a valuation of about $2.57 billion. The private equity-backed company raised $320 million by selling 16 million shares in its U.S. listing on Thursday.
The Solana Beach-based firm develops airborne intelligence, surveillance and reconnaissance systems for the U.S. government and allied forces, with tactical systems contributing around 75% of revenue. CEO Roger Wells said rising demand for unmanned autonomous systems, supported by more than $50 billion in requested U.S. defense funding, places the company in a strong growth segment amid increasing global defense spending. Read more
Investors placed a bet worth about $760 million on a falling oil price around 20 minutes before Iran's foreign minister announced on Friday that the Strait of Hormuz was open, another sizeable wager on the world's most traded commodity ahead of major announcements in the course of the Middle East war.
Large, well-timed trades in recent months have drawn concern from U.S. lawmakers and legal experts that decisions around war and diplomacy can give some traders an edge in volatile and opaque derivatives markets. Read more
San Francisco Federal Reserve President Mary Daly on Friday said that while Federal Reserve chair nominee Kevin Warsh will come into the job with plans for the central bank, in the end -- like each Fed chair back to Paul Volcker -- he will need to respond to whatever surprises the economy delivers.
"He'll come in with an idea of what he would like to think about and do," Daly said at the UC Berkeley’s Fisher Center for Real Estate & Urban Economics’ Spring 2026 Policy Advisory Board meeting. "And then the economy will deliver what we actually work on, and that will be the journey of every Fed chair and all the Fed policymakers and all the Fed employees."
Boeing said the Middle East conflict has so far supported its defense segment without disrupting aircraft deliveries, as airline customers continue to operate under elevated jet fuel prices. CEO Kelly Ortberg pointed to a recent U.S. military agreement to triple production of PAC-3 seekers as evidence of stronger defense demand tied to heightened regional tensions.
Ortberg added that Boeing has not seen any immediate impact on commercial airplane deliveries but will continue monitoring fuel supply risks closely. His comments came as oil prices eased after Iran reopened the Strait of Hormuz shipping route, easing concerns about a potential jet fuel shortage.
Oil prices tumbled roughly 13% on Friday after Iran signalled it would keep the Strait of Hormuz open during the ceasefire and said it would not close the route again. Brent and WTI both slumped to their lowest levels since March, marking their steepest daily declines in over a week, as easing geopolitical risk triggered a sharp unwind in the risk premium.
The drop was reinforced by signs of progress in U.S.-Iran negotiations and a temporary ceasefire in the Middle East, boosting hopes of a broader de-escalation. However, analysts cautioned that supply conditions may remain tight in the near term due to shipping delays, while uncertainty persists as a U.S. military presence continues and a lasting nuclear agreement remains unresolved.
U.S. importers are preparing to claim up to $166 billion in tariff refunds as a new government system launches, following a Supreme Court decision striking down Trump-era emergency tariffs. While many firms have registered and expect significant payouts, concerns remain over potential technical glitches, processing delays and last-minute legal challenges that could disrupt the rollout.
Businesses also face operational and commercial complexities, including navigating registration hurdles and deciding whether to retain refunds or pass them on to customers. The refund mechanism targets importers rather than end consumers, adding a political dimension after a year of tariff-driven price increases.
The U.S. dollar weakened on Friday, heading for a second straight weekly decline after Iran said the Strait of Hormuz was open, easing geopolitical tensions. The dollar index fell to its lowest since late February, while the euro and sterling gained, supported by improved risk sentiment and reduced safe-haven demand.
Oil prices plunged sharply, and expectations of a Federal Reserve rate cut in December increased. The dollar also slipped against the yen, as central bank signals from the Fed, Bank of England and Bank of Japan kept policy outlooks in focus amid shifting global market dynamics.
Reliance Industries has rejected two Iranian oil cargoes, citing failure to meet compliance requirements, just ahead of the expiry of a U.S. sanctions waiver. The waiver, introduced to ease oil prices following U.S.-Israeli strikes on Iran, is set to lapse on Sunday, with Washington confirming it will not be extended.
India had permitted Reliance to source Iranian oil via multiple sanctioned tankers, but the company declined cargoes including those on Derya and Lenore. While some shipments were discharged or remain untracked, uncertainty persists around vessel movements amid U.S. enforcement and ongoing geopolitical tensions.
U.S. interest rate futures rose sharply on Friday after Iran announced it was allowing the critical Strait of Hormuz to reopen as long as a ceasefire remains in place, lifting the probability that the Federal Reserve would cut interest rates by the end of this year.
Traders now see a roughly 60% probability that the U.S. central bank will cut its benchmark rate by December.
The benchmark European gas contract fell by around 8.5% on Friday afternoon after Iran's foreign minister said passage for all commercial vessels through the Strait of Hormuz was open and on possible further peace talks between the Washington and Tehran.
The Dutch gas contract for May fell by 8.5% to 38.8 euros per megawatt hour by 1314 GMT, data from the Intercontinental Exchange (ICE) showed. Iran's foreign minister said that passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, in line with the ceasefire in Lebanon.
U.S. President Donald Trump said a deal to end the war in Iran could be reached soon, although the timing remained unclear.
