Good afternoon. US markets are in the green but barely moving after yesterday's historic session. The S&P is holding above 7,000, up around 0.1% intraday and sitting at fresh record levels. The Dow is up about 110 points, clawing back toward pre-war territory. Nasdaq is flat near its record after an 11-session winning streak. The tape feels like it's digesting, not pushing.

Brent at $94.89 and WTI at $90.72, both slightly softer. The Hormuz blockade is still in place but the tone has shifted. Traders are pricing reopening, not escalation. Trump said the war is "very close to over" and that was enough to flip the entire energy complex into wait-and-see mode.

Europe opened higher. FTSE got a lift from a solid UK GDP print. Stoxx 600 recovering after yesterday's 0.4% pullback. Same deal as everywhere else, peace optimism doing the work.

Asia had the bigger session. Nikkei hit a fresh all-time high on Iran deal momentum. Hang Seng up 1.71%, CSI 300 up 1.10% to 4,736. China Q1 growth numbers came in strong and added fuel.

BTC at $74,500, holding after yesterday's pullback from $76K. ETH at $2,332. Neither pushing, neither breaking. Gold ticked up to $4,828. The metals still aren't buying what equities are selling. And that gap is worth watching.

No major econ data today. Q1 earnings trickling in. The only thing that moves the needle from here is an Iran headline, and the April 21 deadline is getting close.

Record highs built on one story. Clean until it breaks. Updates as the tape develops.