Ed Elson

Shares of Fermi, the AI data center company that we predicted back in October would implode, plunged 20% after several top executives, including the CEO, resigned.

And finally, Apple stock dropped roughly 1% after hours on news that Tim Cook is stepping down in September.

He will be replaced by Senior Vice President of Hardware Engineering, John Ternus.

Okay, what's happening?

The U.S.-Iran ceasefire expires tomorrow, and tensions are mounting.

Both countries' delegations are headed to Pakistan to engage in talks ahead of the deadline.

President Trump said it's, quote, highly unlikely that the ceasefire would be extended if a deal was not reached before Wednesday.

He also said the U.S.

would continue to blockade the Strait of Hormuz until a deal is signed.

And the meeting follows an active weekend of fighting.

On Friday, Iran announced it would reopen the Strait of Hormuz after Israel and Hezbollah agreed to a ceasefire.

Stocks soared to record highs on that news.

However, Tehran reversed course after the U.S.

refused to lift its own blockade.

Then on Sunday, the U.S.

Navy fired on an Iranian cargo ship.

and Iran threatened retaliation.

Oil prices rose yesterday and stocks slipped.

So, here to give us the update on the war and what it means for us and for the economy, we're speaking with everyone's favorite, our favorite, Justin Wolfers, Professor of Economics and Public Policy at the University of Michigan.

So, Justin,