Trump threatens Iran with more bombing as U.S. missile stockpiles decline, the Strait of Hormuz slams shut, and there’s no endgame in sight

Good morning. On Fortune’s radar today:

Trump threatens more bombing.

The Strait of Hormuz slams shut.

U.S. missile stockpiles are dwindling.

No one knows what the endgame is.

China’s export trade shrugs off U.S. tariffs.

What jobs do illegal immigrants actually do? 

Apple’s super-spicy gossip about OpenAI.

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Tech stocks shrug off oil risk 

Stocks were broadly up in Asia today, especially in the tech-heavy South Korea market, as the Dutch semiconductor company ASML reported better-than-expected quarterly results and raised its guidance. U.S. futures are up this morning after the government reported an unexpectedly tame inflation number yesterday. And the price of oil declined, despite the worsening situation in the Gulf.

S&P 500 futures were up 0.22% this morning. The index closed up 0.38% yesterday. 

In Europe, the Stoxx 600 was flat in early trading and the U.K.’s FTSE 100 was down 0.11% before lunch.

Asia: South Korea’s KOSPI was up 6.24%. Japan’s Nikkei 225 was up 1.49%. India’s Nifty 50 was flat. China’s CSI 300 was down 0.20%. 

Brent crude was $85 per barrel this morning, down from a high of $87 yesterday.

Bitcoin was at $64.6K.

Inflation report instantly takes Fed rate hikes off the table

After the U.S. consumer price index (CPI) came in unexpectedly low at 3.5% yesterday, Wall Street became almost unanimous in its view that the Fed will not hike interest rates this year. Here are some of their takes:

“If you were looking for runaway inflation in this report, you didn't get it.”—Jamie Cox, managing partner at Harris Financial Group.

“It would be astonishing if the FOMC tightened policy this month after this benign CPI report.”—Samuel Tombs of Pantheon Macroeconomics.

“The more likely course of action is for the Fed to hold rates steady for a prolonged period, perhaps until the summer of next year.”—ING’s James Knightley.

This is the report the Fed has been waiting for.”—Jason Pride, chief of investment strategy & research at Glenmede.

What’s driving the S&P 500 right now? One word: Capex.

“We're in an investment cycle unlike anything we've seen before,” according to Ohsung Kwon and his team at Wells Fargo.

A year after founder Fred Smith’s death, FedEx’s CEO charts his own path - Alyson Shontell

Billionaire Richard Branson says copying his 5 a.m. morning routine won’t make you successful—and will just cause ‘more........

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