Trump Hits Pause on Iran Strikes, Palantir Becomes AI Backbone for Military

The Rundown's latest episode covers a mix of market relief from de-escalating tensions in the Iran conflict, major defense tech developments, regulatory scrutiny on prediction markets, and lighter notes on stocks and entertainment, amid four straight weeks of stock losses driven by high oil prices.

De-escalation in Iran War Lifts Markets

Stocks closed out another losing week, with the S&P 500 and Nasdaq down over 2%, echoing April's tariff worries but now tied to week four of the US-Iran war. The Strait of Hormuz remains mostly closed, with ongoing attacks on Gulf energy infrastructure causing a supply shock. Brent crude ended at $112 per barrel and WTI at $98, levels not seen in years. Surging oil has rippled through the economy: higher costs fuel inflation risks, dimming Fed rate-cut hopes and raising hike fears. The 10-year Treasury yield hit 4.5%, its highest since July, pushing average 30-year mortgage rates from 5.9% to 6.2% in three weeks.