Monica Ricks

According to the New York Times, the war plane was shot down the same day President Trump celebrated the American bombing of an Iranian highway bridge and warned on social media there would be much more to follow.

Meantime, Iran targeted more sites in Arab Gulf states overnight.

A drone attack caused a fire at an oil refinery in Kuwait, and other attacks were reported in Abu Dhabi and Saudi Arabia.

Later today, the United Nations Security Council will likely vote on a resolution to reopen the Strait of Hormuz, which remains mostly shut.

U.S.

job growth rebounded in March and the unemployment rate unexpectedly fell, suggesting the labor market was stabilizing as the war in Iran started.

But Wolf Research economist Stephanie Roth tells us that could change over the next few months.

She says the solid increase will likely reinforce the Fed's focus on inflation risks amid a rapid run-up in energy prices.

Stocks did bounce back a bit from sharp declines on Thursday, and oil soared with Brent crude topping $109 a barrel.

JPMorgan Chase has warned that oil prices could spike over $150 a barrel if supply disruptions drag into mid-May.

American and European markets are closed for Good Friday, but in Asia, the Nikkei in Japan closed up 1.3% today, the Hang Seng in Hong Kong lost 0.7%, and China's CSI 300 was down about 0.8%.

President Trump's preparing to release a new budget plan, framing his party's midterm message around a massive defense buildup.

Bloomberg's Amy Morris has more from Washington.

The Trump budget won't address entitlement programs like Social Security and Medicare, and it's not expected to include 10-year deficit projections, which means the White House won't offer a full picture of how it projects the president's policies adding to future deficits.

The president has said he will be seeking to boost defense spending to $1.5 trillion from less than $1 trillion in the current fiscal year.

But it's not clear how this massive increase will be spent.

In Washington, Amy Morris, Bloomberg Radio.

Defense Secretary Pete Hegseth has ousted the Army's top uniform officer, Army Chief of Staff General Randy George, and two other generals in the midst of this war.

No reasons were given for their departures.

Meantime, President Trump got rid of Pam Bondi yesterday after a tumultuous tenure as his attorney general.