Ed Elson

and Iran agreed to a two-week ceasefire, making yet another Taco Tuesday.

The two countries came to an arrangement just hours after Trump threatened to annihilate Iran.

Under the deal, the U.S.

agreed to suspend strikes, and Iran said it would reopen the Strait of Hormuz.

Markets celebrated the news.

The S&P 500 and the Nasdaq surged nearly 2.5%, and the Dow jumped more than 1,300 points on Wednesday.

Meanwhile, crude fell from $110 to $90 overnight before settling around $95.

However, the ceasefire is already showing cracks.

Iran halted oil tanker passage through the Strait after Israel attacked Lebanon.

Iran and Pakistan claim the deal covers Lebanon, while the U.S.

and Israel say it doesn't.

Iran's parliament speaker also claimed the U.S.

has already violated three clauses of the proposal.

The Iranian guard says it's keeping its finger on the trigger ahead of talks with the U.S.

scheduled for Friday.

Okay, lots to dive into here.

We're going to discuss...

this move from Trump and what it means for markets.

We are joined by Robert Armstrong, commentator for the Financial Times and author of the Unhedged newsletter, as well as John Mowry, chief investment officer of NFJ Investment Group.

Thank you both for joining me.