Stocks pulled off a furious rally, and oil prices plunged today as traders clung to hopes that the ceasefire in Iran portends calmer times.

Why it matters: Swirling uncertainty over the trajectory of the war had cast a pall over the markets, suppressing asset prices.

Zoom in: The sudden burst of optimism was broad-based:

• The S&P 500 jumped 2.5%, the Nasdaq rose 2.8% and the Russell 2000 rose 2.8%.
• The Dow Jones Industrial Average soared 1,325 points, or 2.9%.
• The price of West Texas Intermediate crude oil plummeted more than 16% to $94.41 per barrel, marking what CNBC called the largest single-day drop since 2020.

What they're saying: "The announcement is the clearest sign yet that the end of the conflict, and of the associated economic disruptions, is in sight," says Thomas Mathews, head of markets in Asia Pacific for Capital Economics.

State of play: Some investors saw it coming, which might explain why President Trump's threat to wipe out Iranian civilization didn't cause a panic in the markets yesterday.

• "The Trump administration's perceived willingness to back off in the face of adverse market moves may have helped investors look through recent events, to some extent," Mathews said in a written analysis.

Yes, but: Questions have already emerged about the durability of the ceasefire announced last night, including whether the Strait of Hormuz will really be reopened.

• "We caution that a two-week, ceasefire-linked deadline for settling extremely delicate questions, such as Iranian nuclear enrichment, is unlikely to be met in any durable sense," Capstone analyst Elena McGovern wrote today in a research note.
• "The most likely outcomes are either a ceasefire extension that enables continued negotiations or a partial or complete breakdown of negotiations."

Airline stocks surged today as the ceasefire in the Iran war eased fears of a prolonged fuel shock and Delta signaled that travel demand remains strong.

Why it matters: The spike in jet fuel prices has sparked fears of a slowdown in travel as ticket prices rise — but Delta's projections suggest travelers will be resilient.

Driving the news: Delta Air Lines reported March-quarter earnings Wednesday, with revenue up nearly 10% and earnings up 40%.

• "We see actually really good demand right now across all entities," chief commercial officer Joe Esposito said on an earnings call.

The impact: United Airlines shares were up 9.4% in midday trading, while American Airlines rose 7.4%. Delta was up 5.4%, and Southwest Airlines gained 6.4%.

Yes, but: The higher jet fuel prices go, the harder the toll on airlines — particularly budget carriers like Spirit and Frontier.

• Jet fuel accounts for about 30% of airline costs, according to Deutsche Bank analyst Michael Linenberg.

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📺 Jeff Shell is stepping down from his roles as president and member of the board at Paramount Skydance. His exit follows an investigation by Paramount into an allegation that he divulged private company information to a professional gambler who says Shell owes him $150 million. (Axios)

⛽️ Analysts expect gas prices to begin slowly receding if the Iran ceasefire holds. (CNBC)

😮‍💨 Ford Motor Co. and other automakers have asked the Trump administration for relief from aluminum tariffs, citing domestic supply issues stemming from a factory fire at a plant in New York last fall. But the White House has so far rejected those requests. (WSJ)

Efforts to unmask the anonymous creator of bitcoin have been continuous since someone (or more than one person) invented it in 2008 under the pseudonym Satoshi Nakamoto.

• Now comes the New York Times with its own effort to identify the person behind the cryptocurrency.

The intrigue: NYT posted an extensive investigation today suggesting that 55-year-old British cryptographer Adam Back is Satoshi, noting:

• Back's doctorate in distributed computer systems.
• His 1990s proposal for a version of electronic cash on a decentralized network of computers.
• "Striking similarities" in online interests and shared "writing tics" between Satoshi and Back.

The other side: Back — long considered a possibility by certain bitcoin sleuths — quickly denied it.

• "[I]'m not satoshi, but I was early in laser focus on the positive societal implications of cryptography, online privacy and electronic cash," he said on X.

💭 Nathan's thought bubble: The adjoining mystery is why Satoshi hasn't touched their wallet, which is said to contain 1.1 million bitcoin worth nearly $80 billion today.

• The best theories: Satoshi is dead or lost their access to the fortune.