Stocks Soar, Oil Sinks After Iran Declares the Strait of Hormuz Open

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It's not a group he can afford to lose and heading into the midterms Republicans don't want to lose anyone at this point. It's Friday, April 17th. I'm Pierre Bienniumay for the Wall Street Journal filling in for Alex Osolla. This is the PM edition of What's News, the top headlines and business stories that move the world today. We begin in Iran, whose foreign minister today said the straight-up or moves is now, quote, "completely open" to commercial ships. But President Trump said the US naval blockade on Iranian ports would remain. There's still uncertainty for shippers in the region. They want clear assurances from Iran that it won't attack ships before resuming normal traffic through the straight. Joining me now is National Security Corp. It's Shelby Holiday. Shelby, this is the third time you've joined us this week to talk about this conflict where things are developing quickly. Get us up to speed. What's going on now in the waters around Iran? It's a really fluid situation. Even though Iran's foreign minister said the straight-up or moves is open, ships can transit freely. It's a little bit unclear if anything's actually changed. Our understanding is that Iran is still asking ships to go through its preferred route through a corridor that they've established and in some cases even charged tolls for ships to go through. And then on the US side, nothing is changed with the respect to the blockade. The US is still maintaining this economic pressure. President Trump welcomed this announcement by Iran that the street was open. And there was some talk about clearing minds, but so far, shipping companies are nervous to move through the straight because they want more of a guarantee that hostilities have ended and that the threats do not exist. And the ceasefire between the two countries is set to expire Tuesday. What do we know about negotiations between these two sides? The highly enriched uranium or H.E.U. Seems to be the biggest sticking point, at least when you're listening to President Trump. That seems to be the one thing that he's very focused on. And he has said that the US will go in and get what he calls the nuclear dust, Iran's remaining nuclear material so that Iran can never have a nuclear weapon. And then you also have these key issues of Iran's missile and drone stockpiles. And also their support for proxy groups. President Trump has said that he will not lift the US blockade of Iranian ports unless Iran agrees to all of these things the US is asking. That was Wall Street Journal National Security Correspondent. Shelby Holiday. Thank you, Shelby. Thank you. Talks between the US and Iran haven't officially been scheduled but a senior Trump administration official says they're likely to take place Monday in Pakistan. What's news in Markets host Amani Moeze says hopes for a resolution to the war again lifted US stocks today. The big news of today is obviously Iran declaring the state of our moves open. And whether or not ships are actually passing through the waterway, markets are seeing that as a sign that tensions in the region are thawing and where perhaps moving closer to some sort of resolution. Investors are really looking past the war. And once you start doing that, they start seeing positive signs elsewhere. Thanks reporting that consumers are strong tech companies saying AI demand remained strong. So there's a lot of really bullish signs for investors to push the markets higher. The Nasdaq rose for the 13th straight trading day. The longest winning streak since 1992. It closed up one and a half percent today while the S&P closed at a record for the third time this week. The Dow today climbed 1.8 percent and closed at its highest level since before the war. And oil tumbled with the international benchmark Brent Crude diving more than 9 percent to about $90 a barrel. Coming up, the White House and Anthropic might be making up just as the company has a powerful new AI model on its hands. And we exclusively report that baseball San Diego Padres are nearing a sale. And it could be one for the books. That's after the break. Access to affordable credit helps me pay my employees. But I don't really need it. Infliction is killing me. What do cares? Big retailers and making record profits. That's why we support the Durban Marshall credit card bill. See, things in credit unions help small businesses make payroll. This bill would cut the vital resources they need. While increasing mega store profits. They deserve it. Don't they? Tell Congress stop the Durban Marshall money grab for corporate megastores. Paid for it by the electronic payments coalition. President Trump has gotten into a fight with Pope Leo, a fellow American. The Pope has publicly condemned the war in Iran and taken a few digs at the president. Yesterday he had this to say during a speech in Cameroon. Jesus told us, "Blessed are the peacemakers. But war to those who manipulate religion and the very name of God for their own military, economic or political gain. Dragging that which is sacred into darkness and filth." Trump meanwhile has criticized the Pope saying he's catering to the left and being "weak on crime." He also shared and later deleted an AI generated image of himself as a Christlike figure, which also caused an uproar. The dispute is testing the loyalties of the roughly 53 million Roman Catholics in the U.S. Some of whom spoke to Wall Street Journal reporter Chris Marr. Chris, what did you hear from some of the Catholics you spoke to? The people I spoke to and I think this was consistent with the other reporters. We found that some people were continuing to support President Trump. Others were really confused and even appalled by some of his recent criticisms of Pope Leo. One person I spoke to here in Pittsburgh was Joyce Roth or Mel. She's very focused on social issues within the church and has not been a fan of President Trump to begin with and this did not change any of her views. She is however very supportive of Pope Leo. I'm so grateful that the Holy Father Pope Leo has the courage to do his job, which is to speak up on issues of morality and issues of theology in such a forthright way. Another person that we spoke to was Joseph Alessandro and he was in the camp where Catholics feel that the Pope may be overstepping his bounds by getting its politics. They both have did different views and that's why politics should stay away from their religion. You can't mix politics with religion. How important are Catholic voters to Trump's coalition? They're pretty important both the President and the Pope have been pretty popular among American Catholics. They've complained about his social media posting sometimes of this AI generated image that he posted recently. But they've been willing to look past those things in the past because he made good on some of his campaign pledges to do things like a point Supreme Court justices who ended up overturning Roe v Wade. It's not a group he can afford to lose and heading into the midterms of Republicans don't want to lose anyone at this point. That was Wall Street Journal reporter Chris Marr. Chris, thanks so much. Thank you. We're exclusively reporting that the Justice Department is preparing to file an antitrust lawsuit against some of the country's biggest egg producers, including Kalmain Foods over allegations they coordinated pricing. The lawsuit would target companies that raised egg prices in 2024 and 2025 due to a supply shortage attributed to avian flu. The egg companies declined to comment on the possible lawsuit. They have argued the price changes are a classic case of supply and demand where limited supply and higher demand lead to higher prices. A consortium of French telecom companies has bid $24 billion for altist groups French telecommunications operations. The companies said today that they are an exclusive talks. The deal would reshape France's telecom sector, cutting the number of major operators from 4 to 3. And it would dismantle a major part of French Israeli billionaire Patrick Drahis once sprawling business empire. And Ford is recalling up to 1.4 million F-150 pickups because the trucks can unexpectedly downshift into second gear, which could cause drivers to lose control of the vehicle. The recall affects certain 2015 to 2017 trucks. trucks. And finally in sports. [CHEERING] Base hit for Machado, 5-2, San Diego. That's from MLB TV's stream of yesterday's game between the San Diego Padres and the Seattle Mariners. The Padres went on to win that home game. And today, we're exclusively reporting that the team is nearing a deal to sell for a record price. Private equity billionaire Jose Feliciano and his wife, Quanta Jones, want the Padres for about $3.9 billion. The deal is expected to be announced next week. It's the highest ever valuation for a major league baseball team, including hedge fund billionaire Steve Cohen's $2.4 billion purchase of the New York Metz in 2020. And that's what's news for this week. Tomorrow, you can look out for our weekly markets wrap-up what's news in markets. Then on Sunday, we'll be discussing how Democrats and Republicans are maneuvering for position ahead of the midterms. That's in what's news Sunday. And we'll be back with our regular show on Monday morning. Today's show was produced by Daniel Lewis with supervising producer Tali Arbel. Michael Laval wrote our theme music. Aisha Al-Mousslem is our development producer. Chris Zinsley is our deputy editor. And I'm PRBNMA. Thanks for listening. 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