2026-05-26
US strikes Iran. Cabinet meets. Markets hedge their bets.
Good evening. Iran's military took a hit. Trump convened his Cabinet. Markets rose 0.6% on the theory the peace deal survives. It probably doesn't.
What Actually Happened
Pezeshkian praised Iran's military capabilities after US 'self-defence' strikes. Standard response to getting hit.
Iran said the US breached their ceasefire after overnight strikes on missile sites and mine-laying boats. US counters that a deal is still within reach. Both sides are now measuring how much the other will tolerate before calling it broken.
Index futures up 0.6% as of 7:47 a.m., betting that latest strikes won't derail Middle East negotiations. Markets are optimistic about something. Probably shouldn't be.
Iran said it shot down a US drone and fired on aircraft overnight. US responded with strikes. Both sides say they're still willing to negotiate.
Full Cabinet meeting Wednesday, hours after Iranian strikes left the peace deal hanging. Every member attending, including Director of National Intelligence. The usual play: photo op during a crisis.
VP told NBC News he's glad the pontiff tackled artificial intelligence. Also discussed his Lenten deletion of X. The intersection of Silicon Valley and the Vatican, apparently.
Party is cycling through wins and losses as midterms approach. Setbacks have outpaced wins lately.
Trump posted that his routine exam went 'perfectly.' NBC News has not verified the assessment. The White House has offered no specifics.
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"Worth paying attention to. Don't doomscroll."
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Iran praised its military after taking the hit; markets bet the war ends anyway.
Back at 7:00 AM ET with the morning shot brief.