Truth Time. Iran war jitters dragged all three major indexes into the red on Tuesday, but that dip may be short-lived. President Donald Trump announced an extension of the U.S. ceasefire with Iran just in time for after-hours trading.

During the regular session, the Dow Jones Industrial Average fell 293 points, or 0.6%. The S&P 500 and Nasdaq Composite also dropped 0.6% each. But stocks turned higher in late trading after Trump’s post. S&P 500 futures were up 0.4% tonight.

Today’s regular trading performance reflected concerns over whether the U.S. and Iran would find a way to uphold their truce before the cease-fire expired Wednesday. Brent crude hit $100 a barrel at one point today after a report that Vice President JD Vance’s peace-talk trip to Islamabad had been delayed, fanning fears that negotiations had fallen apart.

But a few minutes after market close, Trump wrote on his own social media website that he was extending both the cease-fire and the U.S.’s naval blockade “until such a time” as Iran can come up with a unified proposal and discussions are concluded. It’s unclear when—or if—in-person discussions will take place. Iran’s reaction is also uncertain. Earlier in the day, Iranian officials said the blockade of Iranian ports violated the cease-fire.

War aside, Tuesday’s headlines largely confirmed investors’ general optimism. Earnings have been fine, and March’s above-expectation retail sales report could assuage concerns about a drastic pullback in consumer spending in response to the war.

Scott Helfstein, head of investment strategy at Global X ETFs, notes:

The Hot Stock: Northern Trust +8.0%
The Biggest Loser: Tractor Supply -11.7%

Best Sector: Energy +1.3%
Worst Sector: Real Estate -1.9%

Tulips aren’t the only thing blooming this spring. New leaders are popping up across Wall Street, boardrooms, and (eventually) the Federal Reserve.

Apple’s highly anticipated CEO announcement yesterday sparked debate up and down Wall Street. Longtime CEO Tim Cook plans to step down Sept. 1 and will be replaced by John Ternus, who currently serves as Apple’s senior vice president of hardware engineering.

Ternus has big shoes to fill. Under Cook, Apple’s valuation skyrocketed from $350 billion to $4 trillion, driven by what my colleague Angela Palumbo refers to as one of the “most sticky ecosystems in tech.” As VP of hardware engineering, Ternus played a big role in that, helping launch products like the iPad and AirPods. But investors are expecting him to keep pushing the envelope, particularly when it comes to AI and robotics, Angela reports. Apple stock closed 2.5% lower on Tuesday.

Over on the East Coast, Kevin Warsh, President Trump’s Fed Chair nominee, testified in front of a testy Senate Banking Committee this morning. His pledges to run an independent central bank “did little to quiet Democratic skepticism, and the hearing turned as much on Warsh’s personal finances as his policy views,” writes my colleague Nicole Goodkind. Democrats pressed Warsh over his assets, valued at up to $209 million, and whether his ties to hedge fund billionaire Stanley Druckenmiller would influence his judgment on the institutions the Fed regulates.

The committee has yet to set a day for the final vote on Warsh’s appointment. Sen. Thom Tillis, a North Carolina Republican, repeated that he plans to oppose any Fed nominee until the Justice Department ends its investigation into Fed Chair Jerome Powell.

And don’t get me started on Omaha. Berkshire Hathaway’s new CEO Greg Abel is seemingly veering off Warren Buffett’s carefully crafted script, reports Andrew Bary, Barrons’ resident Berkshire expert. While Buffet had originally planned for Ted Weschler and Todd Combs to run the company’s $300 billion equity portfolio, it now seems as if Abel is running 94% of it himself despite having little investment experience. Weschler has authority over the remaining 6%. Combs left Berkshire in December for a job at JPMorgan Chase. Read Andrew’s full story here.

AT&T, Boeing, Boston Scientific, CME Group, Crown Castle, CSX, Elevance Health, GE Vernova, Globe Life, IBM, Kinder Morgan, Lam Research, Las Vegas Sands, Masco, Moody’s, NVR, Otis Worldwide, Packaging Corp of America, Philip Morris International, Raymond James Financial, Rollins, ServiceNow, Southwest Airlines, TE Connectivity, Teledyne Technologies, Tesla, Texas Instruments, United Rentals, Vertiv Holdings, Waste Connections, and Westinghouse Air Brake Technologies announce earnings tomorrow.

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