5 things to know before the market opens Wednesday

Stock futures rocketed higher overnight after President Donald Trump announced a two-week ceasefire with Iran. With less than 90 minutes to go before his 8 p.m. ET deadline, Trump last night posted on social media that he would suspend planned attacks, provided Iran opens the Strait of Hormuz.

Here’s what happened:

Oil prices plunged back below $95 following the announcement: Brent crude futures are down more than 13% this morning, while U.S. West Texas Intermediate futures are more than 16% lower.Iranian Foreign Minister Seyed Abbas Araghchi said Tehran would allow ships to safely pass through the Hormuz Strait during the two-week ceasefire.Stocks futures extended their massive gains after Trump said this morning that the U.S. will work with Iran to remove nuclear material from the country and discuss “Tariff and Sanctions relief.”Speaking in Hungary, Vice President JD Vance today called the ceasefire a “fragile truce,” adding that Trump is “impatient to make progress.”The president had previously said that a “whole civilization will die” if the U.S. and Iran didn’t reach a deal by yesterday’s 8 p.m. ET deadline. The comments spurred calls for his removal from dozens of Democrats in Congress, who likened Trump’s statement to a threat to commit war crimes.Follow live market updates here.

Delta Air Lines is scaling back its capacity growth plans as it grapples with surging fuel costs, the carrier’s CEO Ed Bastian said this morning.

Delta beat Wall Street’s top- and bottom-line estimates for the first quarter, but it forecast smaller-than-expected per-share earnings in the current period. Shares of the airline are up more than 12% following the report, extending gains the stock made following oil’s overnight plunge.

Delta joined several of its rivals yesterday in hiking checked bag fees as fuel costs weigh on the industry. Hours later, Southwest did the same, matching Delta’s $10 increase.

Elon Musk is spelling out his wish list before his lawsuit against OpenAI heads to court this month. At the top: Oust OpenAI CEO Sam Altman.

Lawyers for the Tesla CEO wrote yesterday that if the judge and jury side with Musk, he will seek Altman’s removal from the artificial intelligence company and its board. Musk would also seek the removal of OpenAI’s President Greg Brockman from his position, in what the lawyers wrote would be “a common remedy where those individuals fail to protect or carry out the charity’s public mission.”

Aside from personnel changes, Musk would ask the court to force OpenAI to operate as an actual nonprofit. The billionaire cofounded OpenAI in 2015 before suing it and Altman in 2024, alleging he was defrauded into donating $38 million to the company on promises it would stay a nonprofit.

Used vehicle prices in March rose 6.2% from a year earlier, according to Cox Automotive’s Manheim Used Vehicle Value Index, which hit its highest level since 2023.

As CNBC’s Michael Wayland reports, the Iran war and the subsequent spike in gas prices have yet to dampen demand for used vehicles. Cox said that inventory, meanwhile, fell below 40 days last month — its lowest level so far this year.

Surging gas prices are taking their toll on drivers, though. Drivers across the country told CNBC that prices at the pump are forcing them to change their spending habits.

Meet the U.S. Navy’s next opponent: Walmart.

Retail giants are creating a headache for the Navy’s global network of retail stores operated through the Navy Exchange Service Command, or Nexcom. The stores – which range from small mini-marts to huge department stores – are aimed at supporting sailors and their families. The revenue they generate is put back into funding the Navy’s morale, welfare and recreation programs.

But companies like Walmart, Amazon and Target are chipping away at Nexcom’s market share, leading the Navy to embark on an aggressive turnaround plan. CNBC’s Gabrielle Fonrouge and Ryan Baker traveled to two Nexcom stores in Virginia to observe the initiative in action. Here’s what they saw.

Amazon Web Services CEO Matt Garman told CNBC yesterday that the company has teams working “24/7” to ensure its Middle East infrastructure remains up-and-running following drone strikes on two of its data centers. Watch more from the interview:

— CNBC’s Sarah Min, John Melloy, Lisa Kailai Han, Spencer Kimball, Lee Ying Shan, Sam Meredith, Kevin Breuninger, Justin Papp, Garrett Downs, Leslie Josephs, Lora Kolodny, Michael Wayland, Mike Winters, Kate Dore, Jennifer Liu, Sarah Agostino, Ryan Ermey, Gabrielle Fonrouge, Ryan Baker, Jordan Novet and Jack Sommers contributed to this report. Melodie Warner edited this edition.