Stocks, startups, sneakers & everything else

The S&P 500 rose 4.5% for the week, with the Nasdaq gaining 6.8%. Markets surged on news Iran would reopen the Strait of Hormuz, though Monday futures are down on renewed tensions after the U.S. seized an Iranian cargo ship.

The One Big Beautiful Bill Act permanently reinstated 100% bonus depreciation for property acquired after Jan 2025. Meanwhile, mortgage rates climbed back to 6.3-6.5% as the Iran war drove inflation to 3.3%, erasing 9 months of affordability gains.

BTC surged above $78K on Hormuz reopening news, triggering the largest short squeeze of 2026. But the rally reversed as Iran reimposed controls over the weekend. Spot Bitcoin ETFs posted their strongest week since January with nearly $1B in inflows.

Michael Saylor's Strategy purchased another $2.5B in Bitcoin last week at an average price of $74,395. Meanwhile, Charles Schwab launched spot crypto trading for millions of brokerage clients, opening a new capital pipeline into digital assets.

With the World Cup hitting North America this summer, soccer card demand is expected to outpace every other category. Fanatics has completed its full takeover of MLB, NFL, and NBA card licensing, retiring legacy Panini lines and reshaping the $8B trading card market.

Brent crude jumped to $94.70 after Iran reimposed controls on the Strait of Hormuz, through which 20M barrels of oil pass daily. Gas prices hit $4.11 nationally, up from under $3 before the Iran conflict. Gold continues to benefit as a safe haven.

The March CPI reading showed inflation jumping from 2.4% to 3.3% in a single month, driven by rising energy costs from the Iran conflict. The Fed now has no room to cut rates, putting pressure on floating-rate private credit portfolios. Morgan Stanley notes private real estate credit is finding opportunities in the dislocation.