Wall Street is beginning to think Trump can’t reopen the Strait of Hormuz

Good morning. On Fortune’s radar today:

See the new Fortune 500 ranking for 2026 here. 

Markets: Mixed as oil is on the rise again.

Wall Street thinks Trump can’t reopen the Strait of Hormuz.

Some people suspect yesterday’s job openings number was simply wrong.

How long it takes to earn enough money to buy a World Cup ticket, ranked by country.

Mark Cuban will (maybe) give you a lot of money if you send him an email. 

The new Fortune 500 ranking is out!

The Fortune 500, in its 72nd year, ranks the biggest U.S. companies, both private and public, by revenue. And this year, for the first time in more than a decade, it has a new No. 1, as Amazon ends Walmart’s 13-year winning streak. Together, the companies on the list combined for $21.0 trillion in revenue and $2.1 trillion in profits last year, while employing 30.5 million people worldwide. Read more about the 2026 list at the links below.

See the ranking here.

See the methodology here.

Explore our data visualizations here.

From our exclusive reporting:

How Amazon dethroned Walmart at the top of the ranking - Phil Wahba

Intel’s new CEO cut management layers in half. The stock is up nearly 500% - Jeff John Roberts

An AI overhaul at Macy’s is fueling the 168-year-old retailer’s turnaround - Phil Wahba

How Kelly Ortberg is rebuilding Boeing from the inside out - Shawn Tully

Stocks are mixed as oil heads back toward $100-per-barrel

S&P 500 futures were down 0.17% this morning. The index rose 0.13% yesterday to set another new record, at 7,609.78. 

In Europe, the Stoxx 600 was down 0.49% in early trading and the U.K.’s FTSE 100 was down 0.22% before lunch.

Asia: Japan’s Nikkei 225 was up 2.5%. India’s Nifty 50 was down 0.33%. China’s CSI 300 was up 0.49%. South Korea’s markets are closed.

Brent crude was $98 this morning.

Deutsche Bank spotted something it says is “alarming” in the S&P 500. Recent gains in stocks have been so fast that there have only been four occasions since World War II when they approached this pace. “On three of those four occasions, it was a classic post-recession bounceback, when the economy was emerging from the first oil shock, the [Great Financial Crisis], and Covid-19. However, the other time it happened was in 1987,” the team said in a note to clients.

The mere mention of “1987” will send chills down the spines of traders of a certain age. “Over January and February that year, there was a big 17% rally, and the momentum continued until the summer. But then it came to a sudden halt, with the S&P down by a........

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