Summary4 min read

WSJ What’s News in Markets: Cease-Fire Stocks, Airlines Soar, Intel and Elon

Date: April 11, 2026
Host: Jared Mitovich, The Wall Street Journal

Episode Overview

This week's episode dives into major market movements driven by global geopolitical developments, particularly tensions and a sudden cease-fire between the US and Iran. Host Jared Mitovich breaks down how these events impacted energy, tech, and airline stocks, highlights major winners and losers for the week, and discusses a headline-making Intel partnership with Elon Musk. The episode provides a snapshot of market sentiment, inflation pressures, and key stock performances amidst global uncertainty.

Key Discussion Points & Insights

1. Geopolitical Tensions and the Market Response

US-Iran Cease-fire: The week started with rising tensions and dire warnings from President Trump regarding Iran. Traders were largely betting on a "taco scenario"—expecting Trump to de-escalate at the last minute.
- “That's what they got Tuesday evening when he announced a two week ceasefire with Iran only 90 minutes before his deadline.” (01:11)
Immediate Market Impact:
- Truce caused “major antics” (indexes) to soar, even as the cease-fire remains precarious because of ongoing conflicts between Israel and Lebanon.
- Upcoming talks in Pakistan between Tehran and Washington are in close focus.

2. Inflation Data and Consumer Sentiment

CPI Report:
- March Consumer Price Index (CPI) showed prices up 3.3% over the previous year, the highest increase since May 2024.
- “Almost three quarters of the monthly increase was driven by higher gas costs.” (01:50)
Consumer Sentiment:
- Sentiment fell to the lowest point ever recorded by the University of Michigan survey.

3. Weekly Market Performance

Stock Indexes:
- Dow: +3%
- S&P 500: +3.6%
- Nasdaq: +4.7%

4. Sector Winners and Losers

A. Winners: Data Storage/Chip Industry

Helium Supply Relief:
- The pause in Middle East conflict is hoped to unlock helium supplies, essential for chip production, previously delayed by disrupted natural gas exports from Qatar.
Top Performers:
- Micron Technology: +14.8%
- Standisk: +21.4% (“making it the second best performer in the S&P 500”)
  - (02:39)

B. Losers: Energy Stocks

Hope of renewed energy flows through the Strait of Hormuz led investors to sell off oil and gas stocks.
Notable Declines:
- ExxonMobil: -5.1%
- Apache’s parent company: -8.1%
- Cheniere (natural gas exporter): -5.6%
  - (03:03)

C. Airlines: Managing War Fallout

Delta’s Quarterly Loss:
- First loss in three years, fuel costs up $330 million year-on-year for Q1, with a projected $2 billion increase next quarter.
- Delta and American Airlines raised luggage fees and fares to offset costs, but “without scaring off customers.”
- Delta expects a 10% jump in booked flights in the coming quarter.
- Delta’s unique advantage: Owning a Pennsylvania refinery for jet fuel.
Airline Stock Performance:
- Delta: +1.6% for the week
- Delta shares surged nearly 4% on earnings day
  - (03:10–03:45)
- “Other airline stocks posted even bigger gains.” (03:44)

D. Tech & Chipmakers: Intel's Big Week

Intel’s Turnaround:
- Announced a partnership with Elon Musk’s ‘Tarifab’ project, aiming to produce “ultra high performance chips” for SpaceX, Tesla, and Xai.
- US Government’s 8.4% stake in Intel (from a $9 billion investment) gains value.
- Stock Reaction: Intel shares up 4% Tuesday, 24% for the week—making it the strongest S&P 500 performer.
- “The biggest winner in markets this week is Intel, a piece of good news for the US Government, which holds an equity stake…”
  - (04:10–04:45)

Notable Quotes & Memorable Moments

On the market’s expectations:
- “Stocks stayed mostly muted as traders bet on another taco scenario where Trump backs away from stated threats at the last minute. That’s what they got Tuesday evening when he announced a two week ceasefire with Iran only 90 minutes before his deadline.”
  — Jared Mitovich (01:02)
On the effects of rising gas prices:
- “Almost three quarters of the monthly increase was driven by higher gas costs.”
  — Jared Mitovich (01:50)
On Delta’s strategy:
- “Delta has also upped fare prices and scaled back flights so far without scaring off customers. It expects a 10% increase to its booked flights this coming quarter. Delta also has another trick up its sleeve: its own refinery in Pennsylvania that processes crude into jet fuel.”
  — Jared Mitovich (03:34)
On Intel and Musk:
- “Intel said it was partnering with Elon Musk on his ambitious Tarifab project, which will build what the company called ultra high performance chips for SpaceX, Tesla and Xai.”
  — Jared Mitovich (04:11)

Timestamps of Important Segments

00:32 — Episode begins with a recap of the week’s biggest stock moves.
01:02 — Analysis of US-Iran tensions and the market’s anticipation of a cease-fire.
01:47 — Discussion on the impact of surging oil prices and consumer sentiment report.
02:28 — Breakdown of sector winners (data storage) and helium’s role in chipmaking.
03:03 — Energy sector’s reaction to cease-fire and falling oil stocks.
03:10 — Airlines’ quarterly earnings, Delta’s strategies, and industry outlook.
04:10 — Intel’s partnership with Musk, government investment, and S&P 500 performance.
05:00 — Episode closes with last word on market results and a pointer to WSJ.com for more coverage.

Summary

This episode spotlights how fast-moving geopolitics—highlighted by a surprise US-Iran cease-fire—reverberate across global markets. Inflation remains a top concern, fueled by energy costs, but the week still ends positively for equities. Notable sector winners include chip-related companies thanks to easing supply anxieties, while energy stocks falter. The airline industry showcases resilience under pressure, and Intel scores a major victory with its partnership with Elon Musk’s enterprises, capping off the week as the S&P 500’s star performer.

Loading summary

Transcript12 lines

[00:00]
Unidentified Host 1
K Pop demon hunters, Saja Boy's breakfast meal and Hunt Trick's meal have just dropped at McDonald's. They're calling this a battle for the fans. What do you say to that Rumi? It's not a battle. So glad the Saja Boys could take breakfast and give our meal the rest of the day.
[00:14]
Jared Mitovich
It is an honor to share.
[00:16]
Unidentified Host 1
No, it's our honor.
[00:18]
Jared Mitovich
It is our larger honor.
[00:20]
Unidentified Host 1
No, really stop. You can really feel the respect in this battle. Pick a meal to pick a side
[00:27]
Jared Mitovich
Ba da ba ba ba and participate
[00:29]
Telus Demos
in McDonald's while supplies last
[00:33]
Jared Mitovich
hey listeners, it's Saturday, April 11th. I'm Jared Mitovich for the Wall Street Journal and this is what's news in markets. Our look at the biggest stock moves of the week and the news that drove them. Let's get to it. Investors kept their eyes on the Middle east this week, which began with increasingly dire warnings from President Trump that he would escalate the war in Iran. Stocks stayed mostly muted as traders bet on another taco scenario where Trump backs away from stated threats at the last minute. That's what they got Tuesday evening when the announced a two week ceasefire with Iran only 90 minutes before his deadline. News of a ceasefire sent the major antics soaring, though the truce is on shaky ground due to Israel's continued attacks on Lebanon. Traders are also watching the outcome of talks scheduled for today between Tehran and Washington in Pakistan. In the meantime, markets got a read on how surging oil prices from the war are affecting everyday prices and souring consumer sentiment. On Friday, the March CPI report showed prices up 3.3% from a year earlier, the largest annual increase since May 2024. Almost three quarters of the monthly increase was driven by higher gas costs. Meanwhile, consumer sentiment fell this month to the lowest level recorded in the history of the University of Michigan survey. Still, stocks ended the week higher, with the Dow up 3%, the S&P 500 up 3.6%, and the tech heavy Nasdaq index up 4.7%. As the war with Iran moved markets, the fragile ceasefire was a boon for some stocks and a bust for others. Among the winners were data storage companies, with investors hoping the Middle east pause would unlock supplies of helium needed for chip production. The war has delayed natural gas exports from Qatar, which supplies about a third of the world's helium. For the week, Micron technology ended up 14.8% and Standisk was up 21.4%, making it the second best performer in the S&P 500. On the flip side, energy stocks didn't get a boost from the ceasefire news On Wednesday, shares of major oil companies like ExxonMobil, Shalejiller, Apache and Natural gas exporter Cheniere all sold off on hopes that energy supplies would soon resume flowing through the Strait of Hormuz. For the week, Exxon finished 5.1% lower. Apache's parent company was down 8.1% and Cheniere ended 5.6% lower. Airlines are another sector confronting the immediate fallout from the Iran war. And earnings this week from Delta, the world's most valuable airline, shed light on how the industry is faring. On Wednesday, the carrier reported its first loss in three years and said its fuel costs increased $330 million in year over year in the first quarter. Delta estimated those costs would soar by $2 billion in the second quarter. Like others in the industry, Delta has raised luggage fees, a step American Airlines also took this week to combat the rapid run up in jet fuel costs. The airline has also upped fare prices and scaled back flights so far without scaring off customers. It expects a 10% increase to its booked flights this coming quarter. Delta also has another trick up its sleeve its own refinery in Pennsylvania that processes crude into jet fuel. On Wednesday, Delta shares ended the trading day up almost 4%. Other airline stocks posted even bigger gains. For the week, Delta finished almost 1.6% higher. And finally, the biggest winner in markets this week is Intel, a piece of good news for the US Government, which holds an equity stake in the chipmaker's business. On Tuesday, intel said it was partnering with Elon Musk on his ambitious Tarifab project, which will build what the company called ultra high performance chips for SpaceX, Tesla and Xai. The partnership is a win for intel, which has struggled in recent years to compete with rivals like Nvidia and AMD to bolster the company, the Trump administration last year struck a deal to take an equity stake in intel for around $9 billion. As of mid March, the U.S. government held 8.4% of Intel's shares outstanding. On Tuesday, those shares gained more than 4%. And by week's end, the stock had risen nearly 24%, the best performance in the S&P 500. And now you know what's news in markets this week. You can read about more stocks that moved on the week's news in our live markets coverage on WSJ.com today's show was produced by Alexis Green with supervising producer Jana Herron. I'm Jared Mitovich. Have a great weekend and see you next Saturday.
[05:17]
Telus Demos
Hey, this is Telus Demos and I'm Miriam Gottfried.
[05:20]
Miriam Gottfried
We're reporters at the Wall Street Journal and The hosts of WSJ's take on the Week. It's a weekly show that gives listeners a leg up in the world of markets and investing.
[05:28]
Telus Demos
From the Fed's moves to market bubbles. We dive into the biggest deals, key players, and business news ahead. If you're looking for more news and tools that you can use to help NAV markets, consider becoming a subscriber to the Wall street journal.
[05:40]
Miriam Gottfried
Visit subscribe.WSJ.com Take on the Week to subscribe now.