Welcome to Markets Desk, here's what's moving markets right now.
Oil whipsawed on geopolitical headlines after President Trump announced an Iran blockade, sending crude prices sharply higher and dragging the Dow lower. The volatility eased somewhat after reports of a tentative agreement to negotiate emerged from the region, pulling oil back from its session highs.
Turning to pharma, Revolution Medicines scored a meaningful regulatory milestone as the FDA accepted its New Drug Application for daraxonrasib, an oral RAS inhibitor targeting metastatic pancreatic ductal adenocarcinoma. Acceptance for review is not approval, but it puts the company on the formal regulatory clock and validates the asset's clinical profile.
And in Washington, Treasury Secretary Scott Bessent drew attention by casually noting the United States holds more than one trillion dollars in gold reserves, while simultaneously downplaying any implications for dollar policy. The remarks come as the administration has been pushing for an audit of Fort Knox, a process that has stirred both political theater and genuine questions about reserve transparency.
That's the tape. Markets Desk, signing off the floor.
