The Dow Jones Industrial Average had soared 1,389 points, or 3%, as of 9:38 a.m. ET, while the S&P 500 and Nasdaq futures jumped 2.5% and 3.2%, respectively. 

Brent crude oil prices dropped 16.6% to $91.09 a barrel – its lowest price in nearly a month after news that Iran would allow the temporary safe passage of ships through the strait, a vital maritime route for 20% of the world’s oil supply. 

US stock futures surged Wednesday morning as oil plunged near $90 a barrel. AFP via Getty Images

West Texas Intermediate crude also fell 5.6% to $70.94 a barrel.

In a Truth Social post Tuesday evening, less than two hours before Trump’s deadline for Iran to reopen the strait or face a bombardment of its power plants and bridges, the president announced a “double sided” two-week ceasefire.

“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote, adding that the ceasefire was subject to the “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

“We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate,” he added.

Iran’s Supreme National Security Council said in a statement that it has agreed to reopen the strait for two weeks, though it emphasized it was not a full-fledged peace agreement. Israel also reportedly agreed to the ceasefire.

“Wall Street is exhaling as President Trump pressed pause on the destruction button, as there are enough signs that there’s a will to negotiate a deal, and that optimism is helping to end this stock market correction,” Robert Edwards, chief investment officer at Edwards Asset Management, said in a note Wednesday. 

“Even with this optimism, oil prices and stocks are still inversely correlated for the time being,” Edwards added. “It’s unclear how long these declines in oil will last, but it’s looking more likely that the spike in oil prices in recent weeks was indeed temporary.”

Trump wrote in a Wednesday morning Truth Social post that as part of the ceasefire, the US will work with Iran to “dig up and remove all of the deeply buried (B-2 Bombers) Nuclear ‘Dust’” – adding to market optimism. 

Traders are eager for the free flow of crude through the Persian Gulf to resume – but analysts have warned that oil prices could remain elevated, since it will take time and money to repair damages at Middle East energy facilities hit in air strikes.

Energy supply shocks tend to ripple through consumer prices, so there are concerns that stubbornly high oil costs could reheat inflation and keep interest rates high. 

Fed Chair Jerome Powell has said there is no need for an interest rate hike, and odds for an interest-rate cut jumped Wednesday morning following news of the ceasefire.

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In a Thursday letter to US District Judge Charles Breyer, defense attorney Alex Spiro argued the verdict was “corrupted” by bias and denied his client a fair trial.

Spiro is seeking a probe into the matter — to be followed by a motion seeking a ruling in favor of Musk or a new trial.

Elon Musk is seen arriving at San Francisco federal court on March 4. Getty Images

The laywer cited a handwritten verdict form in which jurors listed “$4.20” for one damages entry — written in bright blue ink while the rest of the entries were black.

Spiro said the unusual entry was no accident, calling it a deliberate jab at Musk tied to his well-known association with the number 420.

“The inescapable conclusion,” the attorney wrote, “is that the jury felt it appropriate to use its verdict to send a message to Mr. Musk.”

He accused jurors of injecting “outside influence and noise” into what should have been a neutral deliberation.

The number 420 is widely recognized as slang for marijuana and has been part of a running joke by Musk.

In 2018, he tweeted he was considering taking Tesla private at “$420” — a post that triggered an SEC fraud case — and later set his Twitter buyout price at $54.20 per share, reinforcing the association.

The jury found last week that Musk defrauded investors by intentionally driving down Twitter’s stock price before he acquired it in 2022, later renaming it X.

A handwritten verdict form in which jurors listed “$4.20” is grounds for a new trial, according to Musk’s lawyer. Quinn Emanuel

Spiro argued in his letter filed Thursday that the jury wasn’t actually “deciding a securities fraud case” but sending Musk a message.

“The jury’s emphasis on the $4.20 number, which had no significance to its damages determination, but appears to be a mocking reference to a number previously associated with Mr. Musk, shows that the verdict was a mockery of justice: a commentary not on whether Mr. Musk committed securities fraud (he did not) but on the jury’s views about Mr. Musk himself,” Spiro wrote.

“No reasonable and experienced person could have any faith in the fairness of this proceeding or its resulting verdict,” he concluded.

Plaintiffs in the high-stakes case had alleged Musk made public statements about the prevalence of spam accounts and the status of the Twitter deal that depressed the company’s stock price, harming traders who sold shares or related options during the period.

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The jury found Musk liable for some of the fraud claims — but rejected the main allegation, that he conducted a deliberate “scheme” to manipulate Twitter’s stock price.

In his Thursday letter, Spiro claimed Musk was deprived of his chosen counsel after plaintiffs’ lawyers indicated they intended to call Spiro himself as a witness — a move that would create a conflict under the advocate-witness rule.

The lawyer, of Manhattan-based powerhouse firm Quinn Emanuel Urquhart & Sullivan, said he was forced to step back from a jury-facing role as a result. However, plaintiffs never called him to testify.

Musk lawyer Alex Spiro took aim at the venue of the trial, arguing that seating an impartial jury in San Francisco was effectively impossible. Getty Images

Spiro also took aim at the venue of the trial, arguing that seating an impartial jury in San Francisco was effectively impossible given widespread negative views of Musk there.

“I remained concerned that Mr. Musk would be unable to seat an impartial jury given his notoriety and reputation in the District,” Spiro wrote in the letter.

He pointed to comments from Judge Breyer during jury selection — including that “[m]aybe if I went in a different part of the country, I might get a different panel” — as evidence the jury pool was biased.

According to the filing, the court was forced to accept jurors with preexisting views because excluding all potentially biased candidates would have made it impractical to seat a panel.

Spiro is pushing to overturn the jury’s verdict. Matthew McDermott

Taken together, the arguments lay the groundwork for a formal motion seeking a new trial or mistrial — a move that could upend the verdict just days after it was reached.

In a notable aside, Spiro also referenced a separate legal battle in Delaware. He took a swipe at Chancellor Kathaleen McCormick, the jurist who twice denied Musk a substantial payday from Tesla shareholders.

Spiro noted that McCormick had publicly reacted to a verdict in yet another case by endorsing a LinkedIn post celebrating an outcome against Musk.

Musk recently demanded McCormick recuse herself from the Delaware case, a class action lawsuit against Tesla.

McCormick responded that the apparent endorsement may have been accidental — or something else entirely.

“I either did not click the ‘support’ icon at all, or I did so accidentally,” she wrote, adding: “I do not believe that I did it accidentally.”

The Post has sought comment from the plaintiffs’ attorney in the San Francisco suit.

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The measure is called the Providing Opportunities for Individuals in Need of Treatment and Support (POINTS) Act of 2026. Rep. Erin Houchin of Indiana introduced the bill with Reps. Andrea Salinas of Oregon, Mariannette Miller-Meeks of Iowa and Troy Carter of Louisiana during Problem Gambling Awareness Month.

If approved by Congress, the legislation would create a dedicated stream of federal funding for gambling addiction services by redirecting a share of existing sports wagering tax revenue. Lawmakers say the approach would fund prevention, screening, intervention and treatment programs without creating new taxes.

“Gambling addiction can quietly devastate families,” Houchin said in a statement announcing the bill. “The financial damage and emotional strain often build over time and affect far more than the person placing the bet. I’ve seen how those consequences can impact loved ones and communities.”

Problem gambling can devastate families and communities. Today, I introduced the bipartisan POINTS Act with @RepMMM, @RepSalinas, and @RepTroyCarter to direct existing federal sports wagering tax revenue toward prevention, treatment, and recovery services for those struggling…

— Congresswoman Erin Houchin (@RepHouchin) March 10, 2026

She also pointed to the surge of legal sports betting and online gambling markets across the country as a reason policymakers must address the risks that can accompany expansion. “The POINTS Act directs existing federal gaming revenue toward prevention, treatment, and recovery programs to help people get back on their feet.”

Federal gambling addiction funding proposal under the POINTS Act gains momentum

Supporters say the proposal would establish the first federal funding stream specifically dedicated to tackling gambling addiction. The bill would redirect one third of the federal excise tax on sports wagers, currently set at 0.25 percent of betting handle, which advocates estimate could generate roughly 100 million dollars each year.

The funding would help states, tribal governments and tribal organizations develop or expand services aimed at prevention, treatment and recovery. Grants administered through the U.S. Department of Health and Human Services could support screening programs for health care providers, public education campaigns, telehealth treatment options and peer support networks, along with helplines and real time crisis services.

The proposal arrives as several organizations warn that existing support systems are already under strain. The National Council on Problem Gambling (NCPG) recently announced it can no longer operate the national problem gambling hotline after federal funding changes, drawing attention to the gaps in the country’s treatment infrastructure.

Concerns have also been raised about the broader social impact of rapidly expanding digital betting platforms. Analysts say online gambling and mobile sports wagering are increasing financial risks for some users, particularly younger adults who now have constant access to betting apps.

Lawmakers have also begun examining gambling harms within specific populations. Recent Senate discussions have explored how problem gambling may affect members of the U.S. military, with researchers warning that service members could face elevated risks due to stress and financial pressures.

Rep. Andrea Salinas said the POINTS Act is intended to make sure support services grow alongside the industry itself.

“As sports betting and online gambling continue to expand across the country, we have a responsibility to ensure people struggling with addiction are not left behind,” Salinas said. “The POINTS Act helps close that gap by investing existing gambling excise tax revenue into programs that expand care, raise awareness, and connect people to the help they need.”

The National Council on Problem Gambling endorsed the legislation and described it as a major step toward treating gambling addiction as a national public health issue.

“The POINTS Act recognizes that gambling addiction is a public health issue requiring a coordinated national response,” said Heather L. Maurer, the organization’s executive director. “States and tribes need stable federal support to expand access to prevention, treatment and recovery services.”

If the measure becomes law, funding would begin in fiscal year 2027, and federal agencies would be required to report to Congress each year on how the grant program is performing.

Featured image: Canva

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Brent crude oil hit $86 a barrel, while West Texas Intermediate crude jumped above $90 – pushing national average gasoline prices to $3.32 a gallon on Friday, according to AAA.

The Dow Jones Industrial Average tumbled 562 points, or 1.2%, by Friday afternoon while the S&P 500 and Nasdaq fell 1.1% and 1%, respectively.

US oil prices surged to $90 a barrel on Friday after President Trump demanded unconditional surrender from Iran. REUTERS

Investors are fearful that an ongoing conflict could prolong Iran’s blockade of the Strait of Hormuz, a vital maritime route for 20% of the world’s oil supply – which economists have warned could slam gasoline prices and overall inflation.

“I don’t have any concern about it,” Trump told Reuters Thursday, when asked about higher prices at the pump. “They’ll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit.”

Energy Secretary Chris Wright predicted Friday morning that gas prices will come down in a matter of “weeks, not months,” during an interview with “Fox & Friends.”

Qatar’s energy minister Saad al-Kaabi, meanwhile, said he expects all Gulf energy exporters to shut down “within days” – potentially pushing oil as high as $150 a barrel.

“This will bring down the economies of the world,” Kaabi told the Financial Times Friday. 

“If this war continues for a few weeks, GDP growth around the world will be impacted. Everybody’s energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that cannot supply.”

Even if the war ended immediately, it would take Qatar “weeks to months” to return to a normal level of output after an Iranian drone strike forced it to close its largest liquified natural gas plant, the Ras Laffan, he said.

Qatar’s energy minister warned a lasting Iran conflict could “bring down the economies of the world.” AP

“Everybody that has not called for force majeure we expect will do so in the next few days that this continues,” Kaabi said, referring to a legal clause used when a company cannot meet contractual obligations due to external circumstances.

“All exporters in the Gulf region will have to call force majeure. If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”

Though countries differ on their principal source of oil supply, the global market is ultimately integrated – so the supply disruption hitting China, Russia, India and other nations still has an impact on the US, according to Kenin Spivak, chief executive of SMI Group.

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As the Iran conflict disrupts oil supplies, the US on Thursday issued a 30-day waiver for India to buy Russian oil – a sharp reversal from its earlier stance, which saw it slap a 25% tariff on the nation as punishment for buying energy from Moscow.

The Trump administration revoked the tariff last month on the condition that India would buy less energy from Russia and more oil from the US. Since then, India has also been purchasing more supply from the Middle East.

“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea,” Treasury Secretary Scott Bessent said in a post on X Thursday. 

Investors are fearful that an ongoing conflict could prolong Iran’s blockade of the Strait of Hormuz. ABEDIN TAHERKENAREH/EPA/Shutterstock

Earlier in the week, Trump also offered political risk insurance for oil tankers in the Gulf – adding that the US Navy will escort vessels, if necessary.

“Further action to reduce pressure on oil is imminent and…in the long-term, the actions we’re taking will dramatically increase the stability of the region and oil prices,” Trump said Thursday.

A White House official told The Post that the US economy is strong enough to weather any temporary oil price shocks, nodding to recent inflation data.

Consumer inflation slowed to 2.4% in January, its tamest pace since last May – though wholesale inflation heated up to 2.9%, according to the most recently-available government data.

The US on Thursday issued a 30-day waiver for India to buy Russian oil. AFP via Getty Images

“Thanks to President Trump’s leadership in his first term and current term, the United States remains the largest crude oil and natural gas producer in the world,” White House press secretary Karoline Leavitt told The Post. 

“President Trump’s entire energy team, from the White House to the National Energy Dominance Council to Secretaries Wright and Bessent, have a game plan to keep oil prices stable throughout Operation Epic Fury,” Leavitt said.

Many shippers will likely continue avoiding the Strait of Hormuz despite the proposal for the US Navy to escort oil tankers, since it is unlikely to lead insurers to return coverage to pre-war levels of availability or cost, Spivak told The Post.

The biggest question on investors’ minds is how long the conflict will continue.

“If Trump pulls out within the next week or two, then we can snap back big time and see crude come flying back down,” Mahoney Asset Management CEO Ken Mahoney told The Post.

“The longer this goes on, and the longer crude stays elevated and moving up in price, the worse this may get. Oil is the ‘hot potato’ that gets passed along, fueling inflation,” he added.

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In mid-morning trading, the Dow was down 538.07 points to 43,592.91, representing a 1.22% decline. The S&P 500 fell 84.72 points to 6,254.67, down 1.34%, while the Nasdaq dropped 357.10 points to 20,765.35, losing 1.69% of its value.

Both the broad-based S&P and the tech-heavy Nasdaq had broken record highs in intraday trading on Thursday.

Stocks fell sharply Friday morning with the Dow Jones Industrial Average dropping as much as 700 points before recovering somewhat. REUTERS

The selloff came after the Bureau of Labor Statistics reported an increase of 73,000 nonfarm payroll positions in July — below economist expectations for 100,000 new positions.

Private sector employment increased by 83,000, while government jobs declined by 10,000, according to the data.

The unemployment rate held steady at 4.2%, matching June’s level, according to a separate BLS report Friday.

Wage growth, meanwhile, maintained its strength at 3.7% annually, continuing to outpace inflation, which currently runs at 2.4%.

“Inflation has cooled, wages have increased, unemployment is stable, and the private sector is growing,” White House spokesperson Karoline Leavitt told The Post.

“President Trump’s America First agenda has ensured new jobs go to American citizens, instead of illegals or foreign-born workers.”

The broad-based selloff accelerated after the Bureau of Labor Statistics reported an increase of just 73,000 nonfarm payroll positions in July. AP

Leavitt also hit out at Fed Chair “Jerome ‘Too Late’ Powell,” saying that the central bank chief “needs to cut rates so our economy can continue to boom.”

However, the weaker-than-expected hiring data combined with looming tariff increases set to take effect next week triggered concern that the economy could be heading toward a downturn.

Market analysts attributed the steep losses to growing pessimism about economic fundamentals as multiple challenges converge simultaneously.

Containers are reflected in a puddle at a cargo terminal in Frankfurt, Germany, on Aug. 1. New tariffs are set to take effect next week. AP

“While investors have been viewing the commencement of the Fed cutting cycle as a positive catalyst for risk assets, today’s release is best characterized as ‘bad news is bad news’ in our view,” Jeffrey Schulze, head of economic and market strategy at ClearBridge Investments, told CNBC.

“With job creation at stall speed levels and the tariff headwind lying ahead, there’s a strong possibility of a negative payroll print in the coming months which may conjure up fears of a recession.”

The Trump administration is preparing to implement sweeping new tariffs beginning Aug. 7, affecting imports from approximately 70 countries.

The trade duties will range from 10% to 41%, replacing temporary baseline rates and significantly escalating trade tensions globally.

Several major trading partners face immediate impacts.

Canada will see tariffs on most exports increase from 25% to 35% as of August 1, while Mexico maintains 25% duties on certain goods for an additional 90 days following last-minute negotiations.

Brazilians hang an anti-Trump effigy during a protest against tariffs on Brazilian products on Aug. 1. REUTERS

Brazil faces 50% tariffs on most exports, and India will encounter 25% duties starting next week.

The cumulative effect represents a dramatic shift in US trade policy, with the average tariff rate jumping from approximately 2.3% in early 2024 to around 18% after full implementation.

The business community has expressed mounting concern about the economic implications of the tariff expansion.

Small Business Majority Founder and CEO John Arensmeyer highlighted the challenges facing entrepreneurs in a statement released Friday.

“The latest round of tariffs has infused small businesses with a renewed sense of dread,” Arensmeyer said.

Arensmeyer added that the tariffs were causing “months-long confusion and uncertainty” and that the “shifting goalposts makes it nearly impossible for any small business to plan for the future.”

“After all, there is virtually nothing small businesses can do to avoid tariffs in the short term,” he said, adding: “Even products dubbed ‘made in America’ are often assembled from imported components.”

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