US, Iran Agree to Two-Week Ceasefire | Balance of Power: Early Edition 4/08/2026
Speakers
Karoline Leavitt -- White House Press Secretary
— White House Press Secretary
Summary
- Markets rallied sharply on the US-Iran ceasefire news: S&P 500 up 2.5% (168 points), NASDAQ up 3% (685 points), Dow Jones up 2.6% (1,231 points).
- Oil prices (WTI/Brent) fell to near $94 per barrel; spot gold rose over 1% to ~$2,760/oz; Bloomberg dollar spot index slightly lower.
- Ceasefire is fragile and tenuous; sporadic strikes continue in Lebanon; Strait of Hormuz not fully reopened, with Iran linking it to halting Israeli operations against Hezbollah.
- US claims decisive military victory: Iran's air force "wiped out," missile program "functionally destroyed," naval mines targeted, and nuclear program halted.
- Negotiations focus on US red lines: free passage in Strait of Hormuz, end to Iranian enrichment, limits on ballistic missiles and proxy terror networks.
- Senate to vote next week on War Powers Resolution; Democrats view it as reasserting congressional authority, while Republicans see it as performative amid unpopular war.
- NATO alliance strained; US may withdraw or not adhere to Article 5, with President Trump meeting Secretary General and expressing disappointment over lack of support.
- Delta Airlines (DAL) stock jumped over 6% after Q1 earnings beat and ceasefire announcement, with lower fuel costs providing a $300M Q2 expense benefit.
- General McKenzie warns Iran is "brilliant negotiators"; US must convert operational victory into lasting strategic outcome amid complex diplomacy.
- White House emphasizes Iran backed down due to Trump's threats; public vs. private statements differ, with tolls in Strait and Lebanon as key uncertainties.
