Meta Drops New AI Model, Oil Back Near $100

On Thursday, April 9th, markets staged a massive "ceasefire rally" after Iran agreed to a ceasefire, only for oil prices to bounce back toward $100 a barrel the next morning as the deal looked fragile. Meanwhile, Meta released a new flagship AI model, Eli Lilly launched a daily weight-loss pill, and the Masters golf tournament prepared to draw over 4,000 private jets to Augusta.

Ceasefire Rally Fades as Oil Rebounds

Stocks surged Wednesday on hopes that the Iran ceasefire would reopen the Strait of Hormuz. The S&P 500 jumped 2.5%, the Nasdaq rose 2.8%, and the Dow gained 1,300 points — its biggest single-day jump since April of last year. Every sector was green except energy, because WTI crude collapsed 16% from $112 to $94 a barrel, the largest one-day drop since the pandemic in 2020.

But the rally looks fragile. "There are already claims of the ceasefire being violated and Iran is threatening to close Hormuz again," the host noted. Oil prices climbed back toward $100 a barrel the following morning. The S&P 500 sits less than 3% from record highs despite the uncertainty. Tomorrow brings the March CPI report, with economists expecting inflation to jump to 3.4% from February's 2.4%, offering the first data point on how higher gas prices are feeding through. Earnings season kicks off next week.

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