Axios is reporting the White House thinks it's getting close to a deal to end the conflict with Iran. Bloomberg's Patrick Sykes reports from Istanbul that this memo would set a framework for more detailed nuclear negotiations.

Both sides would apparently agree to lift restrictions on the Strait of Hormuz, allowing a return to normal for shipping. The caveat is it would be an initial step contingent on no resumption of hostilities, and it kicks the can down the road on Iran's nuclear program. Markets are responding very positively, mainly to the Hormuz potential.

The news comes after President Trump announced he would pause an effort to guide stranded ships through the Strait of Hormuz. Secretary of State Marco Rubio declared the offensive phase of the war over.

There's no shooting unless we're shot at first. We're not attacking them. But if they attack a ship, you need to respond.

Gas prices keep rising, Triple A's nationwide average topped $4.50 a gallon for the first time since July 2022, an all-time high for this time of year.

Tehran's top diplomat is in Beijing for talks with China. China's foreign minister is urging Iran to keep negotiating for a lasting truce with the U.S. President Trump says he would discuss the war with Xi Jinping.

We're doing a lot of business. He gets like 60% of his oil from Hormuz. He's been very respectful. We haven't been challenged by China.

Leaders are slated to meet in Beijing on May 14th and 15th. Global trade is in focus as the US ambassador to the EU says Washington will implement 25% tariffs on cars and trucks from the EU relatively soon if the bloc does not swiftly ratify a trade deal.

We cut a deal in July, put it to paper in August, cut tariffs retroactive to August 1 on automobiles, and you've done nothing for nine months. On autos, unless we see substantial progress, you should expect those relatively soon.

The clash between President Trump and Pope Leo is flaring up again ahead of Secretary Rubio's diplomatic mission to the Vatican. The pope said he would continue to preach peace and has spoken out against all nuclear weapons.

The pope would rather talk about it being okay for Iran to have a nuclear weapon. I think he's endangering a lot of Catholics and a lot of people.

Futures are surging once again after yesterday's record setting day on Wall Street. Chips are set for more gains after earnings from AMD, stock up nearly 19% in early trading.

A flood of spending on data centers helped boost AMD's first quarter results and second quarter sales forecast. The upbeat outlook signals it's winning orders from the biggest spenders on AI computing, with data center customers increasingly looking for alternatives to Nvidia. AMD stock was up 66% heading into its earnings report and is on track to reach a record high.

Disney's first earnings report under new CEO Josh D'Amaro. FCC announced an early license review of Disney's ABC stations over Jimmy Kimmel jokes. Collapse of a $1 billion deal with OpenAI after it shut down Sora. But strength in theme parks and movie studios with new Star Wars and Toy Story 5. Bloomberg Consensus calls for revenue of $24.87 billion on adjusted EPS of $1.51.