Protesters wave Iranian flags and shout slogans during a demonstration against US military action in Iran near the White House on April 7, 2026 in Washington, DC.
Mandel Gunn | AFP | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to another edition of CNBC’s Daily Open.
Not only has the S&P 500 erased all of its losses since the outbreak of the Iran war, but it is now near all-time highs.
The consecutive gains in stocks in major markets came amid growing optimism that renewed talks between the US and Iran could lead to further progress towards a long-term peace deal.
Investor attention is currently divided between geopolitical developments and earnings season, which accelerates this week on both sides of the Atlantic.
What you need to know today
The U.S. blockade of Iranian ports is in full effect, “completely” cutting off Iran’s international maritime trade, which supports about 90% of Iran’s economy, U.S. Central Command announced late Tuesday.
The announcement comes as the White House hints at a diplomatic solution to the Middle East conflict, while continuing negotiations with the Iranian government remain under discussion.
Asia-Pacific markets rose on Wednesday, tracking gains in U.S. stocks overnight, while the S&P 500 neared record highs on optimism about future talks.
There are some other interesting trends, and gold’s decline reveals a rare shift in the market. After years of relentless accumulation, some central banks are now selling bullion as pressure from Iran’s war forces them to scramble for cash.
The world’s major finance ministers and central bank governors are in Washington, D.C., for the IMF/World Bank Spring Meetings, and the impact of the Iran war is at the top of the agenda.
“Diplomacy is a process, not an event,” Pakistan’s finance minister told CNBC after last weekend’s failed talks in Pakistan’s capital Islamabad, while IMF chief economist Pierre-Olivier Grinchat warned that the war was causing “significant downward revisions” to international growth forecasts.
The US blockade of the Strait of Hormuz not only puts pressure on Iran, but also gradually increases pressure on two of Iran’s most important relationships in Asia: India and China.
About 98% of Iranian oil exports go to China, and with a summit between President Donald Trump and Chinese leader Xi Jinping just weeks away, the U.S. maximum pressure campaign against Iran risks destabilizing the fragile détente the administration has carefully cultivated with China.
India, which has a complicated relationship with the United States, increasingly finds American policies at odds with its economic interests, most acutely in the energy shock that is spilling over into the economy.
In corporate news, Europe’s leading semiconductor manufacturing company ASML Sales in the first quarter exceeded expectations, with sales exceeding EUR 8.8 billion. In the United States, bank of america and morgan stanley He will likely be at the forefront of Wall Street’s earnings calls.
— Leonie Kidd
And finally…
Cryptocurrency exchange Kraken admits it secretly filed for IPO
Kraken co-CEO Arjun Sethi reiterated on Tuesday that the cryptocurrency exchange has confidentially filed for an initial public offering in the United States.
In November 2025, CNBC reported that Kraken was planning to debut. Separately, Kraken said in a blog post at the time that it had filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission, but did not yet know when the offering would take place.
Less than a month later, in the midst of a crypto winter that saw Bitcoin’s price fall 40% below its October record, Kraken reportedly froze its IPO plans. The leading cryptocurrency has been on the rise in recent weeks.
— Tanaya Machel
