Wall Street has decided the war is already over as stocks rally globally on peace talk progress

Good morning. On Fortune’s radar today:

The Trump administration does a big U-turn on AI.

Iran confirms it is considering U.S. peace proposal.

Markets: Wall Street prices in peace.

The White House is worried about the jet fuel situation.

Paycheck deposits offer a clue to April’s jobs number.

Singles are increasingly refusing to pay for Tinder.

Inside Amex CEO Stephen Squeri’s wardrobe makeover.

Stocks rally globally on news of Middle East peace talks

S&P 500 futures were up 0.11% this morning. The index rose 1.46% yesterday to set a new record high of 7,365.12.

In Europe, the Stoxx 600 was flat in early trading and the U.K.’s FTSE 100 was down 0.66% before lunch.

Asia: South Korea’s KOSPI was up 1.43%. Japan’s Nikkei 225 was up 5.58%. India’s Nifty 50 was up 0.16%. China’s CSI 300 was up 0.48%. 

Brent crude declined to $99 per barrel this morning after being over $100 for much of the prior week.

“Markets want to believe, and blind faith drives pricing at the moment. The shape of the current war is largely in Iran’s hands. Investors have few insights into Iranian policy making,” UBS’s Paul Donovan advised clients this morning.

At J.P. Morgan, Arun Jain and his team noted that individual traders are buying into the rally. “Retail investors are gradually returning to their pre-conflict buying levels … as hopes build for a resolution to the geopolitical and energy crises, their confidence is reinstated.” Retail traders net bought $8.3 billion in stocks this week, above the 12-month average of $6.6 billion, he said in a note seen by Fortune.

Trump can move the bond markets, too

It’s well-known that President Trump can move the stock markets with a single post on social media. The global bond markets, however, are another story. But this chart from Deutsche Bank shows that Trump can shift the yields on government debt, too. The blue bars show the increase in yields on 10-year government bonds across the globe since the war began—indicating that debt investors regarded the war as an increased risk, and wanted to be paid for carrying it. The red crosses show where the yields were yesterday morning, after the White House’s announcement that Operation Epic Fury was “over.”

The Trump Administration is doing a head-spinning pirouette on AI

Driven by concerns about the national security implications of Anthropic’s new “Mythos” AI model, with its ability to identify and exploit cyber security vulnerabilities—as well as broader fears around cyber capabilities and dangerous misuse—the Trump administration is now considering oversight for advanced AI........

© Fortune