Happy Thursday, and the market decided oil hitting $119 was worth selling on, even if Micron earnings were great. The White House floated the idea of an extra $200B for fresh spending for the Iran war, calling it a ‘small price to pay,’ for the four-week-long war. Most Americans are already paying a price at the pump.

The major indexes finished in the red, while the Russell 2000 bucked the trend with a gain. Energy was the only sector that mattered while materials were the day's punching bag, down -1.6%.

Micron fell -4% despite printing one of the most jaw-dropping earnings with 81% gross margin expected in the current quarter. The great news was not enough to move a stock up +348% over the past year. Seagate and Western Digital both caught secondary bids from the memory enthusiasm.

Alibaba cratered after posting a sharp profit drop. Rare earth metals and anti-inflation commodities like copper, silver, and gold fell harshly after the cautious FOMC meeting.

The global logistics bellwether delivered a clean beat Thursday after the close with $FDX ( ▲ 1.82% ) jumping +9% in extended trading, raising full-year guidance and confirming the June freight spin-off is on schedule. Revenue came in a t $24B, and a profit of $1B+.

The RIP: $5.25 adjusted EPS vs. $4.15 estimate; full-year revenue growth guidance raised to 6% to 6.5%; full-year adjusted EPS now guided to $19.30-$20.10.

"Team FedEx delivered another quarter of strong financial results and excellent service for our customers, powered by disciplined operational execution, the resilience of our global network, and the accelerating impact of our advanced digital solutions," CEO Raj Subramaniam said.

The firm’s Network 2.0 cost savings plan is expected to cut $1 billion, as the company confirmed FedEx Freight remains on track to spin off as a separate publicly traded company on June 1. The beat is particularly notable given that $111 oil should be crushing logistics margins right now. 📦

ZenaTech's ZenaDrone subsidiary is developing an initial prototype of a single-use, small autonomous drone, called the Interceptor P-1 built for modern asymmetric warfare targeted for US Defense, NATO and UAE use.

The drone is designed to physically intercept and destroy hostile drone mid-flight, addressing the growing threat of low-cost enemy drones being deployed at scale being addressed by multimillion dollar missiles.

Planned to be priced under $5,000 per unit, it is intended to offer a dramatically cheaper alternative to traditional intercept solutions like surface-to-air missiles and laser systems.

Part of ZenaDrone’s planned counter-UAS defense system along with the ZenaDrone 2000 drone and the IQ Glider marine launch and refueling station.

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Gold, silver, and copper have been selling off hard, with gold down in six of the past seven sessions and sliding -5.9% Thursday alone to $4,600.70 an ounce, bringing its month-to-date losses past -12% as the haven trade has become the latest casualty of rising inflation expectations and collapsing rate-cut hopes.

The mechanics are straightforward and ugly. According to the Wall Street Journal, Gold thrives when rates are low and the opportunity cost of holding a non-yielding metal is minimal. When the Fed signals higher for longer, that calculus flips instantly, and investors dump gold for Treasuries that actually pay.

Jerome Powell's press conference Wednesday delivered exactly that signal, strengthening the dollar and accelerating the flush that had already begun after gold hit record highs. The Journal noted traders saw the identical dynamic in 2022, when Russia's invasion of Ukraine sent energy prices surging, fanned inflation, and gold fell for seven straight months from April to October. The Iran war is running the same script.

Copper's selloff is sort of a different ballpark. When the Fed revises GDP lower and signals stagflation risks, copper traders read it as a demand destruction call. Construction slows, manufacturing contracts, and $5 diesel is not a backdrop that screams industrial expansion. ⛏️

The small-cap oncology company has been quietly stacking clinical momentum over the past week, with $SLS ( ▲ 5.05% ) jumping after announcing preclinical data for its new treatment, a CDK9 inhibitor SLS009. They will present their findings at the American Association for Cancer Research conference in San Diego next month.

The data landing at AACR on April 21 shows their treatment helps cancer cells break down, and reduces the size of their concentration after exposure.

"These data demonstrate that SLS009 effectively targets AML cell survival mechanisms and induces apoptosis across diverse molecular subtypes, including high-risk genetic backgrounds," Dr. Dragan Cicic, Chief Development Officer, said.

The company has no revenue and is burning cash, but its clinical execution is accelerating at exactly the right time. Topline data from the first-line AML trial is expected in Q4 2026, making the next two quarters a steady pipeline of catalysts for retail traders watching the name. 🧬

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Pre-Market Earnings: $XTNT Xtant Medical Holdings Inc. ☀️

After-Market Earnings: $XPEV XPeng Inc - ADR, $BTCS BTCS Inc, $PED PEDEVCO Corp, $MIST Milestone Pharmaceuticals Inc, $MGRX Mangoceuticals Inc. 🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

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🤑 $200 billion for the war in Iran? Trump calls it a 'small price to pay.'

😨 Iranian strikes cut 17% of Qatar LNG output, threatening global supply

💰 Gold and silver sell-off accelerates as inflation fears grip global markets

📺 Bezos in talks to raise $100 billion for AI-focused manufacturing fund - WSJ

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