Trump Declares Iran Mission "Nearing Completion" in Prime-Time Address

In a 19-minute address from the White House Wednesday night, President Trump said U.S. military objectives in Iran were close to being met and that American forces would continue striking the country in the weeks ahead. The speech, his first formal address since the war began on February 28, came as public support for the conflict has softened and oil prices have climbed sharply.

Markets showed little sign of relief following the remarks. Brent crude climbed above $105 per barrel after Trump signaled the war would continue, and U.S. gasoline prices have risen above $4 per gallon for the first time in three years. Iran has maintained a chokehold on the Strait of Hormuz throughout the conflict, disrupting roughly one-fifth of global oil supply.

• Trump said the U.S. had destroyed Iran's navy and air force and crippled its missile program, though he acknowledged Iran's enriched uranium stockpile remains largely underground and under satellite watch.

• The speech did not address how or when the Strait of Hormuz would reopen, a key concern for global energy markets and U.S. allies.

• Trump's approval rating has fallen to 36%, its lowest since returning to office, according to a Reuters/Ipsos poll conducted earlier this week.

The administration faces a 60-day War Powers Act deadline that would require congressional approval to continue military operations. Ceasefire negotiations remain unconfirmed, with Iran denying that any talks are underway.

RBRK** **(+12.5%): Rubrik shares rose on the week after a board member purchased over 10,000 shares in an open-market transaction on March 30, paying around $47 per share. The purchase brings his direct ownership to roughly 13,600 shares.

INTC** ** (+16.8%): Intel shares rose on the week after the company agreed to buy back Apollo Global Management's stake in its Fab 34 manufacturing facility in Ireland for $14.2 billion. The deal returns full control of the advanced chip plant to Intel.

SNAP (+17.8%): Snap shares rose on the week after contending with activist calls for operational changes and ongoing legal scrutiny. Shares have lagged broader market gains amid intensifying competition.

NKE** **(-14.0%): Nike shares are down, well off their peak as analysts flag weakening sales in China and margin pressure from tariffs and competition. A recovery timeline remains uncertain.

SYY (-13.0%): Sysco shares are down sharply after the foodservice distributor announced a $29.1 billion deal to acquire Jetro Restaurant Depot, its largest acquisition in years. Investors zeroed in on the added debt load, share dilution, and S&P Global's move to a negative credit outlook.

AVAV (-4.3%): AeroVironment shares are down after continued uncertainty around it’s most recent earnings results, specifically a $151 million goodwill impairment charge and a $1.7 billion Space Force contract that is under renegotiation, all despite the potential tailwinds surrounding the geopolitical environment.

Consumer inflation expectations have climbed sharply in recent months, with the one-year outlook reaching 3.8% and the five-year measure at 3.2%, both well above the Fed's 2% target. The spike in near-term expectations mirrors the surge seen during the 2021-2022 inflation wave, raising questions about whether consumer sentiment is getting ahead of actual price data.

Core CPI, which excludes food and energy, tells a different story, sitting at 2.5% and continuing to drift toward the Fed's target. The disconnect between cooling realized inflation and rising expectations complicates the Fed's path forward, as entrenched consumer pessimism can itself become inflationary. With tariff pressures and the Iran war adding supply-side uncertainty, the gap between expectations and reality may be difficult to close.