Good morning, you're tuned in to Markets Desk.
U.S.-Iran nuclear negotiations are back on track after a tense weekend that nearly collapsed the talks entirely. Iranian negotiators threatened to walk out following President Trump's public threat to resume military strikes and seize control of the Strait of Hormuz. Both sides are now reporting major progress, though the disruption is a reminder of how fragile this diplomatic channel remains and how quickly energy markets could reprice if it fractures.
Turning to the consumer, fast-casual chains like Chipotle and Cava are quietly emerging as winners in what analysts are calling a K-shaped recovery. Americans are pulling back on dining out broadly, but when they do spend, they're gravitating toward perceived value and quality. That dynamic is widening the gap between category leaders and the rest of the field, and it's showing up in same-store sales data.
And on Social Security, the two thousand twenty six cost-of-living adjustment is already running behind actual inflation, raising questions about whether recipients will see a historically large correction in two thousand twenty seven. Experts are cautious, noting that COLA calculations lag real-world price pressures, which puts fixed-income households in a persistent squeeze that consumer spending models may be underestimating.
That's the tape. Markets Desk, signing off the floor.
