Oil prices are diving and stocks are rallying today, up more than +2% in premarket trading, after President Trump announced a two-week ceasefire in the U.S.-Iran war, roughly 90 minutes before his yesterday’s 8 p.m. ET deadline for escalation. Iran's Foreign Minister Abbas Araghchi confirmed Tehran's acceptance, pledging safe passage through the Strait of Hormuz for the duration of the truce. Trump separately announced a 50% tariff on any country supplying military weapons to Iran.
Travel Stocks Surge on Ceasefire Relief
Airlines and cruise lines rallied sharply in premarket trading as easing Middle East tensions drove oil prices back from record highs, though fuel costs remain elevated and a key operational headwind across the sector. Airlines led the move with United Airlines (UAL) and American Airlines (AAL) posting double-digit gains, while Carnival (CCL) and Royal Caribbean (RCL) surged alongside them, among others. Delta Air Lines (DAL) added to gains after reporting Q1 revenue of $15.9B, up +13% YoY and $1B above consensus, but flagged a $2B fuel cost headwind this quarter and guided to flat capacity growth with a downward bias until the fuel environment improves.
Apple Locks In Samsung for Foldable iPhone Displays
Apple (AAPL) has agreed to a three-year exclusive supply deal with Samsung Display for foldable OLED panels for its planned foldable iPhone, after determining no rival supplier can meet its requirements. BOE's panels were deemed inadequate while LG Display does not yet produce foldable smartphone screens, leaving AAPL with limited alternatives and locking out other suppliers until around 2029-2030. The device, referred to internally as the "iPhone Fold" or "iPhone Ultra," is targeting roughly 3M units shipped by year-end 2026, a cautious ramp well below earlier expectations of 8-10M, with a starting price of approximately $2,325.
Greece Moves to Ban Social Media for Children
Greece will ban social media for children under 15 starting January 1, 2027, the latest regulatory pressure point for platforms like Meta Platforms (META), TikTok, and Snap (SNAP) as governments worldwide move to restrict youth access. Prime Minister Kyriakos Mitsotakis cited addictive app design and screen time's impact on child brain development, and signaled intent to push the EU toward a similar bloc-wide policy. The move follows bans already enacted in Australia and Indonesia, with the UK, France, and Spain weighing similar restrictions.
Pony AI Launches Europe's First Commercial Robotaxi Service
Pony AI (PONY) is up +8% in premarket trading after its robotaxi program officially launched commercial service in Zagreb, Croatia, marking Europe's first. Riders can now book and pay for PONY-powered robotaxis through the Verne app, with Uber (UBER) integration coming shortly. The service covers roughly 90 square kilometers across greater Zagreb, including the airport, with plans to expand city-wide. The launch comes just two weeks after PONY, Verne, and UBER announced their European partnership.
