5 things to know before markets open on Wednesday

Stock futures soared overnight after President Donald Trump announced a two-week ceasefire with Iran. With less than 90 minutes left before the 8pm ET deadline, President Trump posted on social media last night that he would call off the planned attack on the condition that Iran open the Strait of Hormuz.

Here’s what happened:

Following this announcement, oil prices fell below $95. brent crude oil futures It’s down more than 13% this morning. US West Texas Intermediate Futures Iranian Foreign Minister Seyyed Abbas Araghchi said his government would allow ships to safely transit the Strait of Hormuz during the two-week ceasefire. Stock futures extended big gains after President Trump said this morning that the United States would work with Iran to remove nuclear material from the country and discuss “tariff and sanctions relief.” Speaking in Hungary, Vice President J.D. Vance today called the ceasefire “fragile.” President Trump previously said that if the United States and Iran did not reach a deal by 8pm ET yesterday, “the entire civilization will perish.” The comments spurred calls from dozens of Democrats in Congress to remove Trump from office, likening his comments to threatening to commit war crimes. Follow us here for live market updates.

delta airlines The company’s CEO Ed Bastian said this morning that the company is scaling back capacity expansion plans to deal with rising fuel costs.

Delta Air Lines beat Wall Street’s revenue and bottom line expectations in the first quarter, but expected earnings per share for the period to be lower than expected. The company’s stock price rose more than 12% on the news, further expanding its rise after an overnight oil plunge.

Delta Air Lines yesterday joined several rivals in raising its checked baggage fees as fuel costs weigh on the industry. Hours later, Southwest Airlines matched Delta’s $10 increase.

Elon Musk has detailed his wish list ahead of his lawsuit against OpenAI, which begins this month. Top: Sam Altman, CEO of Oust OpenAI.

lawyer tesla The CEO wrote yesterday that if the judge and jury side with Mr. Musk, he would seek Mr. Altman’s removal from the artificial intelligence company and its board of directors. Musk is also expected to seek the removal of OpenAI President Greg Brockman, in what his lawyers wrote is a “general remedy for the failure of these individuals to uphold and carry out the public mission of a charity.”

Aside from the personnel changes, Musk will also ask a court to force OpenAI to operate as an actual nonprofit organization. The billionaire co-founded OpenAI in 2015 and later sued the company and Mr. Altman in 2024, alleging he was defrauded into donating $38 million to the company on the promise that it would remain a nonprofit.

According to Cox Automotive’s Manheim Used Car Value Index, used car prices rose 6.2% in March compared to the same month last year, the highest level since 2023.

As CNBC’s Michael Weiland reports, the Iran war and subsequent soaring gas prices have not yet curtailed demand for used cars. Meanwhile, Cox said inventory last month was below 40 days, the lowest level so far this year.

However, rising gasoline prices are hitting drivers hard. Drivers across the country told CNBC that rising prices are forcing them to change their spending habits.

Introducing the U.S. Navy’s next enemy. walmart.

The retail giant has become a headache for the Navy’s worldwide network of retail stores operated through Naval Exchange Services Command (Nexcom). Ranging from small mini-marts to huge department stores, these stores are aimed at supporting seafarers and their families. The revenue they generate goes back to funding the Navy’s morale, welfare, and recreation programs.

However, companies like Walmart Amazon and target It’s chipping away at Nexcom’s market share, and the Navy is embarking on an aggressive restructuring plan. CNBC’s Gabriel Fonrouge and Ryan Baker visited two Nexcom stores in Virginia to see this initiative in action. This is what they saw.

Amazon Web Services CEO Matt Garman told CNBC yesterday that the company has teams working “24/7” to ensure its Middle East infrastructure remains operational following drone attacks on two of the company’s data centers. Read the rest of the interview:

— CNBC’s Sarah Ming, John Meloy, Lisa Kai-Lai Han, Spencer Kimball, Ying-Shan Li, Sam Meredith, Kevin Browninger, Justin Papp, Garrett Downs, Leslie Josephs, Laura Kolodny, Michael Wayland, Mike Winters, Kate Dore, Jennifer Liu, Sara Agostino, Ryan Ermey, Gabriel Fonrouge, Ryan Baker, Jordan Novelt and Jack Sommers contributed to this report. Melody Warner edited this version.