D (2:40)

Saturday, the president threatened to obliterate power plants in Iran if they didn't reopen the Strait of Hormuz. This is a change of tone from the White House.

E (2:49)

Absolutely. It's a jarring shift. Trump was very much in an aggressive posture over the weekend, and here comes now where he's talking about de escalating this and having talks and really seeking a way out.

D (3:01)

How does this de escalation compare to anything we've seen in the war so far?

E (3:04)

Yeah, this is definitely the most concrete, though. Again, a lot of details remain unsettled and unknown. They want to decapitate Iran's nuclear capabilities and get its enriched materials, et cetera. But it seems like a more concerted effort from the White House to get something done here. Trump is facing immense pressure economically and politically back home. So this represents a more major push if it comes to fruition.

D (3:30)

And, Alex, you touched on this a little bit earlier, but what has Iran said about these negotiations so far?

E (3:35)

They denied having any talks and sort of mocked Trump for trying to find a way out simply to satisfy and calm down US Markets. It appears that much of the talking is going on through intermediaries in the Gulf. These countries are desperate to find an end to this war. They are getting hit and fear additional retaliation, especially if Trump followed through on hitting Iran's energy capabilities. So they are trying to play middleman here. And it appears like there may be at least a crack in the window of making that happen.

D (4:07)

But Iran has set a high bar for ending hostilities. What does that mean for a potential deal?

E (4:13)

The challenges remain immense here. This is a decidedly intense war, much more intense than the US Thought, certainly Trump thought. And Gulf partners are getting pounded themselves and drawn into this. President Trump has said he was surprised that Iran would go after them. These are countries that the US has made strong economic ties with, and President Trump's very proud of that. So he's under pressure to deliver for his partners there in the Gulf.

B (4:38)

That's Wall Street Journal White House reporter Alex Leary speaking with my colleague Pierre Bienname. WSJ markets reporter Hannah Aaron Lange says that despite conflicting signals from Iran, markets were cheered by the president's comments today.

C (4:55)

The reaction to the president's post this morning was pretty immediate. S and futures actually flipped from a 0.7% loss to a 2.5% gain on the day in a matter of literally five minutes. Oil prices did the opposite. They declined immediately pretty sharply. Investors were really, really concerned about these attacks on energy infrastructure in the Middle East. That's the type of thing that could have a lasting impact on oil production. So some of the biggest winners today are fuel guzzling industrial companies like airlines. So United Airlines Airlines. Even with the President's post today, it can be difficult to kind of restore the flow of oil and gas exactly as it was before this conflict began. So we may not exactly be back to normal in the energy markets and we might see more market volatility until we get there.

B (5:50)

That was WSJ markets reporter Hannah Aaron Lang. All three major U.S. stock indexes closed up by more than 1%, with the Dow gaining 631 points. Brent crude, the international oil benchmark, traded below $100 a barrel for the first time in days. Futures settled down 11% to $99.94 a barrel. Coming up, President Trump has deployed ICE agents to airports across the country to help manage long security lines while the impasse continues over funding the Department of Homeland Security. That's after the break.

F (6:29)

Score more with the college branded Venmo debit card and earn up to 5% cash back with Venmo Stash got paid back with the Venmo debit card. You can instantly access your balance and spend on what you want like game day snacks, gear, tickets and more. The more you do, the more cash back you can earn. Plus, there's no monthly fee or minimum balance. Sign up now@venmo.com collegecard the Venmo MasterCard is issued by the Bancorp Bank. NA Select Schools available. Venmo Stash terms and exclusions apply at venmo me stashterms max $100 cash back per month.

B (7:04)

New York City's LaGuardia Airport reopened this afternoon after the Runway collision between a fire truck and a plane we told you about this morning that killed two pilots and injured dozens of other people. Hundreds of flights at the airport were canceled today, and the National Transportation Safety Board is sending a team to LaGuardia to investigate what happened. Regulators have worried for years about Runway collisions in the US Following a string of near misses. And at airports across the US Today, ICE agents deployed to help manage long airport security lines. TSA officers are working without paychecks because of lapsed funding. For the Department of Homeland Security, that's meant more absences and resignations leading to those long lines at some airports. While DHS has been largely shut down since February 14, ICE remains fully operational thanks to funding approved under 2025's One Big Beautiful Bill Act. Reporter Cam McWhirter in Atlanta said the airport was incredibly busy today.

G (7:59)

I'm here at Hartsfield Jackson Atlanta International Airport, the world's busiest airport. You have Homeland Security personnel here, heavily armed, carrying rifles and lots of sidearms. They don't seem to be doing that much. Most of the work in terms of dealing with these enormous lines behind me are being handled by airport officials and airline officials, airline staff, people handing out water, etc. To try to keep the lines people calm and keep lines moving. Mostly I saw Homeland Security standing around and walking around. They were manning this gate right behind me for a little bit. Mostly seemed to be giving people directions on where to stand directly line.

B (8:48)

And as for what happens next, the Journal has learned that President Trump has rejected one proposed plan to resume funding the Department of Homeland Security and those TSA agents. The potential off ramp would have funded all parts of the department except for the agency that enforces immigration law. But Trump told Republican negotiators to hold firm until a spending bill is paired with legislation requiring proof of citizenship to vote. He told reporters today that that bill, the Save America act, is a priority.

H (9:16)

When I announced yesterday about ice, the Democrats called we want to settle, we want to settle. And I told the people, don't settle, don't settle because we have something bigger. Only settle if you get the Save America act, voter ID and so important proof of citizenship, et cetera.

B (9:36)

A spokesman for Senate Minority Leader Chuck Schumer said such a call never happened. Schumer said Trump was trying to sabotage negotiations, while Senate Majority Leader John Thune said linking the SAVE act with DHS funding wasn't realistic. Politically speaking of voting, the Supreme Court appears inclined to block states from counting mail in ballots that are mailed by Election Day but arrive a few days after. During a two hour hearing today, key conservative justices appeared sympathetic to arguments from the Trump administration and the Republican Party that all ballots must be in the hands of election officials by Election Day in order to count. The high court's decision is expected by this summer. Fourteen states have laws that allow a grace period for mailed ballots to arrive. A broad ruling from the court could stop states from counting hundreds of thousands of late arriving ballots. Turning to Capitol Hill, a bipartisan Senate bill introduced today would ban sports betting on prediction markets. It would apply to Kalshi and Polymarket's US Platform. Sports betting is popular on prediction markets, putting them in direct competition with FanDuel and DraftKings. A Kalshi spokeswoman says such a ban would push the behavior offshore. Polymarket didn't respond to a request for comment. And in autos, Hyundai needs to fix tens of thousands of Palisade SUVs with three rows of seats it's received reports of the automatic rear seats folding up and trapping people inside. And in one case, a toddler died earlier this month. Hyundai says it's investigating. The recall affects about 69,000 vehicles in the U.S. and Canada. A software update for the folding system is expected by the end of March. The redesigned Palisade is one of Hyundai's most popular models. David Simon, who transformed his family real estate firm into the country's largest mall owner, died yesterday. He was 64 years old. During the more than three decades he spent as Simon Property Group's chief executive, Simon gobbled up competitors and defied critics who said malls were obsolete. His buying spree helped him cobble together an empire spanning 250 properties and 206 million square feet, giving Simon control of more retail space than anyone in the world, while his family became one of America's richest. Simon was diagnosed with pancreatic cancer in 2024, effective today. His son, Eli Simon, is the company's CEO and president, and the owner of adult content powerhouse OnlyFans has also died. Leo Radvinsky was 43 years old. The company says. Radvinsky had cancer. He bought OnlyFans, then an obscure British video platform, in 2018 and made it a giant of the online pornography industry with hundreds of millions of users. He was a reclusive billionaire who kept out of the spotlight and in recent years had been seeking to sell OnlyFans. And that's what's news for this Monday afternoon. Today's show was produced by Pierre Biennomme with supervising producer Tali Arbel. I'm Danny Lewis for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

I (12:47)

The Future of Everything is The Wall Street Journal's flagship live event, returning to New York City May 4th through 5th. Be there as CEO' policymakers and innovators sit down with our journalists to answer the most pressing questions of the day. From finance, tech and economic policy to sports streaming and style, we're bringing together today's most compelling newsmakers for two days of conversations on what's Ahead. Listeners of this podcast can access exclusive discounted rates by visiting WSJ.com future that's WSJ.com future.