The TACO Trade paid off again today. President Trump paused attacks on Iran minutes before last night’s 8 PM deadline to reopen the Strait of Hormuz, which had been accompanied by increasingly stark warnings.

News of a two-week ceasefire sent markets surging subsequently. Then, news broke midday that Iran is already accusing the US of violating the treaty. And so, the cycle meets its natural end, and begins again…

— Brooks & Cas

With Pam Bondi out, Todd Blanche just held his first press conference as acting Attorney General. Blanche indicated he wouldn’t be opposed to coming on full-time. But Kalshi odds still have former EPA Administrator Lee Zeldin leading the field, with Blanche a few percentage points behind. Fox News host Jeanine Pirro trails as the dark horse. How do you see it shaking out?

📈 | Delta Air Lines (DAL) posted better-than-expected first-quarter results as oil prices fell on the US-Iran ceasefire.

📉 | Dow (DOW) fell as tumbling oil prices dragged agriculture-linked chemical stocks lower.

📈 | Levi Strauss (LEVI) beat first-quarter revenue and earnings estimates and raised its full-year guidance.

📈 | Kimberly-Clark (KMB) rebounded after falling the prior session on news of a warehouse fire at its Ontario, CA facility.

📈 | Freeport-McMoRan (FCX) climbed as precious metals prices gained on easing global demand concerns.

When Fortune first reported on Anthropic's Project Glasswing, cybersecurity stocks sold off on disruption fears. But the actual rollout may tell a different story.

JPMorgan's Brian Essex reiterated his Overweight after Glasswing named Palo Alto Networks a founding partner in the defensive stack, not a competitive target.

Claude Mythos Preview, Anthropic's new vulnerability detection model, deploys with PANW as one of its essential layers.

Essex's case is that AI isn’t replacing security budgets, but expanding them.

More than half of enterprise AI activity flows outside IT visibility, a phenomenon he termed “shadow AI”.

As enterprises bring shadow AI under control, CISOs take on broader mandates and the budget follows. Vendors with deep data moats and high switching costs may be best positioned to capture it.

PANW, Essex argues, fits that profile precisely.

Of 57 analysts covering the stock, 45 rate it a Buy or Strong Buy. Shares are in the red year-to-date, roughly matching the broader cybersecurity sector.

CrowdStrike (CRWD), a fellow Glasswing founding partner, earned a mention from JPM as well. When AI needed a defense, it went straight to the incumbents.

🏦 | Fed minutes from the March meeting show a growing number of officials are now open to raising interest rates this year, citing inflation risks from oil prices.

⛽ | US average gas prices slid sharply today, but still topped $4.16 per gallon, up from under $3 before the Iran war began in late February.

📊 | Piper Sandler (PIPR) chief market technician Craig Johnson warned that today’s gains may reflect a short-covering squeeze rather than a genuine rally.

⚖️ | Elon Musk is seeking the removal of OpenAI CEO Sam Altman ahead of a fraud trial set to begin April 27 in federal court in Oakland.

🎬 | Paramount (PSKY) President Jeff Shell resigned today to focus on a lawsuit alleging he disclosed material nonpublic information about the business.

Do you own any shares of Morgan Stanley (MS)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

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