Monday, May 11, 2026…4:10 PM ET
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds.]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri. Feb. 27…regular gas $2.98…diesel $3.75
Mon., May 11…reg. $4.52…diesel $5.63
Iran finally sent its reply to the latest U.S. proposal to end the conflict Sunday, a multipage response, including its own demands.
The Wall Street Journal reported the response doesn’t resolve the U.S. demand for advance commitments about Iran’s nuclear program and stores of highly enriched uranium. The report added that Iran is proposing to end the fighting and gradually reopen the Strait of Hormuz to commercial traffic as the U.S. lifts its blockade.
The state-owned Islamic Republic News Agency reported the terms laid out in Iran’s response, including U.S. war reparations to Iran, the recognition of Iranian sovereignty over the Strait and the U.S. rolling back sanctions.
Restrictions on the Strait would be lifted immediately once the sides agree, under the terms of the memorandum.
Iranian President Masoud Pezeshkian emphasized Sunday that Iran will not yield to U.S. pressure.
“We will never bow our heads before the enemy, and if talk of dialogue or negotiation arises, it does not mean surrender or retreat,” Pezeshkian wrote in a post on X.
Trump on Truth Social, Sunday, 1:52 PM ET:
“Iran has been playing games with the United States, and the rest of the World, for 47 years (DELAY, DELAY, DELAY!), and they finally hit ‘pay dirt’ when Barack Hussein Obama became President… For 47 years the Iranians have been ‘tapping’ us along, keeping us waiting, killing our people with their roadside bombs, destroying protests, and recently wiping out 42,000 innocent, unarmed protestors, and laughing at our now GREAT AGAIN Country. They will be laughing no longer!”
And Sunday, 4:12 PM:
“I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it – TOTALLY UNACCEPTABLE!”
That’s all the post said, so it wasn’t clear Sunday evening what specifically in Iran’s counter-proposal triggered the reaction.
Israeli Prime Minister Benjamin Netanyahu warned that the war is “not over.” In an interview on CBS’ “60 Minutes,” he said there is more work needed to dismantle Iran’s nuclear capability and to remove its stockpile of highly enriched uranium.
The U.S. parameters for nuclear talks reportedly included a moratorium on Iranian nuclear enrichment for up to 20 years; the transfer overseas, possibly to the U.S., of Iran’s stockpile of highly enriched uranium, and the dismantling of Iranian nuclear facilities.
Today, at an event at the White House, Trump told reporters that the Iran ceasefire is on “massive life support” after he rejected Iran’s proposal. Officials said the proposal did include some concessions on Iran’s nuclear program, but Trump dismissed it as “garbage.”
Asked if the ceasefire was still in place, Trump said it’s “unbelievably weak” and on “life support.”
“I would call it the weakest right now after reading that piece of garbage they sent us,” Trump added. “I didn’t even finish reading it.”
WTI rose to $99 after Trump’s comments (before backing off a bit). Saudi Aramco CEO Amin Nasser warned on Sunday that the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year.
Meanwhile, we have key inflation data this week on consumer prices (Tues.) and producer prices (Wed.).
And of course we have the Trump-Xi summit in Beijing, Trump arriving late Wed., with talks Thursday and Friday…and Chinese takeout Thursday night.
OK, I’m sure there will be a rather formal dinner, especially as Trump is bringing along a slew of top American corporate executives, but personally, I love Chinese food, especially sesame chicken, my go-to dish at Szechuan in New Providence, NJ.
—
Dow Jones +95…+0.2% [49704]…very dull day on Wall Street….
S&P 500 +13…+0.2% [7412…record]
Nasdaq +27…+0.1% [26274…record]
Oil (WTI) $98.30.…Brent $104.20
Gold $4730
Silver $86.10…great day, up 7%….
Bitcoin $81,930 [4:00 PM ET]
U.S. 2-yr. 3.95%
U.S. 10-yr. 4.41%
Japanese 10-yr. 2.49%
Back Tues.
Brian Trumbore
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