Wall Street shrugs off global slump as Trump promises (yet another) imminent deal with Iran

Good morning. On Fortune’s radar today:

We’re finally going to get electric air taxis.

Markets: Wall Street shrugs off global slump, eyes Palantir.

Iran and Oman may have a deal for reopening the Hormuz.

AI is good for growth but bad for wages.

When the Fed’s Warsh speaks, stocks go down

The ice cream earnings call.

Joining a line ain’t what it used to be: “conspicuous waiting” is the new trend.

➡️ Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here.

Electric air taxis are finally ready for takeoff

A cab ride from Midtown Manhattan to New York’s John F. Kennedy International Airport today costs about $100, takes up to two hours, and includes up-close views of the soot-covered trash on the Van Wyck Expressway.

Paul Sciarra, executive chairman of Joby Aviation, thinks it’s time for an upgrade: A traveler will soon be able to make the same journey in less than 10 minutes, he says, while enjoying views from more than a thousand feet up in the sky. It will cost about the same, too, according to Fortune’s Alexei Oreskovic.

Sciarra’s vehicles are called eVTOLs (short for “electric vertical takeoff and landing”). Six electric rotors lift Joby’s aircraft vertically, then tilt sideways and propel it forward, generating a fraction of the noise of a helicopter. It can carry four passengers and a pilot up to 100 miles at altitudes as low as 1,000 feet, roughly the height of the Chrysler Building.

Starting this summer, a series of pilot projects across the U.S. will let Joby and several other companies with all-electric aircraft start carrying cargo, then passengers, in real-world tests.

U.S. traders ignore sliding global markets as Palantir earnings loom

S&P 500 futures were up 0.49% this morning. The index was up 0.7% in the last session. 

In Europe, the Stoxx 600 was up 0.43% in early trading and the U.K.’s FTSE 100 was flat before lunch.

Asia: South Korea’s KOSPI was down 5.12%. Japan’s Nikkei 225 was down 0.94%. India’s Nifty 50 was up 0.74%. China’s CSI 300 was down 0.98%. 

Brent crude was $83 per barrel this morning.

Stocks slumped globally today but not in the U.S., where futures were up before the opening bell in New York as investors anticipate Q2 earnings calls from Palantir (today), SpaceX, and AMD (both tomorrow). Palantir stock was up 2.83% in premarket trading. SpaceX and AMD were both also marginally up before the bell.

Jobs data incoming: Traders appear........

© Fortune