Two months into the Iran war, Wall Street has decided to shrug. The S&P 500 closed at 6,967.38 on Tuesday — 1.3% above its pre-war level of February 27 and within 12 points of a fresh all-time record — as three tailwinds converged: a cooler-than-expected US PPI print, strong Q1 bank earnings, and renewed diplomatic signals from both Washington and Tehran. March PPI rose 0.5% month-on-month (vs 1.1% forecast) and core PPI gained just 0.1%, providing relief on the inflation front even as headline energy costs remain elevated. JPMorgan posted a record trading quarter with markets revenue up 20% to $11.6 billion, Citigroup recorded its highest quarterly revenue in a decade, and BlackRock pulled in $130 billion in net inflows. Oil fell sharply — Brent dropped ~4% to ~$95/barrel, WTI fell 7% to $92.14 — as the IEA warned the war will wipe out global oil demand growth for the first time since 2020. A second round of US–Iran talks is being arranged, with Trump telling the New York Post negotiations could resume “over the next two days” in Pakistan. The ASX 200 is set for a positive open with futures at 9,047 (+0.50%), aided by Yancoal’s $2.5 billion acquisition of the Kestrel coal mine and Australia’s March employment data due Wednesday.