Trump’s second thoughts

The president changes his tune on war.

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With markets diving and oil up around $120 a barrel to start the week, Donald Trump on Monday changed his tune about a war that—just days ago—he and his aides had said was just getting started, with the biggest strikes yet to come. Having started the war along with Israeli Prime Minister Benjamin Netanyahu, the US president today appeared to be walking back threats to bomb other regions of Iran, as he threatened Saturday. Instead, the Republican signaled that the war could be ending soon, saying the campaign was now ahead of schedule. It was also disclosed Monday that Trump had spoken with Kremlin leader Vladimir Putin about the war, their first call of the year. Trump's nod toward de-escalation was significantly different from what he wrote in the early hours of Saturday morning. In a social media post, Trump, 79, said the US will consider striking areas and groups of people in Iran that were not previously considered targets. "Today Iran will be hit very hard!" Trump said as the US and Israel were bombarding Tehran and other cities over the weekend. The attacks will continue, Trump wrote, "until they surrender or, more likely, completely collapse!" The news that Trump might instead end US hostilities sent a predictable wave of relief across markets, with stocks closing up and oil down to around $92 a barrel. Here's your markets wrap. —David E. Rovella What You Need to Know Today Many top Wall Street banks are allowing staff in the United Arab Emirates to temporarily leave the country and work remotely as attacks on the Gulf nation continue. Goldman Sachs, Morgan Stanley and Citigroup are said to be among firms that have given employees the option to relocate temporarily. Consulting giant McKinsey has chartered a flight to Turkey, evacuating consultants stranded from outside the region, and is allowing Dubai-based staff with emergencies to leave. A plume of smoke rises from the Zayed Port following a reported Iranian strike in Abu Dhabi on March 1. Photographer: Ryan Lim/AFP/Getty Images While all eyes are on the Middle East and markets, the Trump administration reportedly issued a subpoena for records related to 2020 voting results in a second swing state, now just eight months before midterm elections in which polling suggests Republicans are likely to suffer losses. Trump, who falsely claims the 2020 election was stolen, has witnessed sinking ratings over his handling of the economy, foreign policy and immigration, all of which are seen as stones in GOP pockets as Democrats seek to capitalize on his unpopularity. The Democratic Party has increasingly voiced fear that efforts by Republicans to restrict access to voting on the false premise of widespread voter fraud, push through mid-decade redistricting and bring voter rights challenges before the Supreme Court—in tandem with the FBI raiding a Georgia election center and now demanding records from Arizona lawmakers—are part of a broader plan to keep the GOP in control of Congress. Trump himself has repeatedly mused about federalizing elections (which would be facially unconstitutional) and is now refusing to sign legislation unless a GOP voting regulation bill is passed. Technology Anthropic Sues US Over Supply Chain Risk Label The San Francisco-based AI company is challenging a decision by the Trump administration to shift its AI work to other providers based on a risk designation typically reserved for companies from US adversaries. Read more Hewlett Packard Enterprise gave an outlook for revenue in the current quarter that exceeded analysts' estimates, a sign the company is benefiting from solid demand for hardware that helps customers run AI workloads. Sales will be $9.6 billion to $10 billion in the period ending in April, the company said, compared with the $9.57 billion average estimate of analysts polled by Bloomberg. Gen Z 'Financial Nihilism' Nods to Prediction Bets, Crypto Being financially "behind" is fueling moves into higher-risk and speculative assets as a way to catch up. Read more FedEx has eclipsed rival United Parcel Service as the largest US parcel carrier by market value for the first time, a landmark moment underscoring the couriers' diverging paths in the volatile package-delivery business. The milestone punctuates a multiyear stock slide for UPS, which has faced pressure from labor costs, declining volume and questions about its relationship with Amazon. For FedEx, it's the latest sign that management has won investors over with plans to trim costs, boost margins and spin off its freight business. Canada Gold Bet Yields 1,994% Return for Billionaire Family For the Lundins, a Swedish-Canadian family that controls a multibillion-dollar mining and oil empire, $12.8 million (C$17.5 million) may not seem like a big investment. But it becomes so when it delivers a 1,994% return. 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