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On Target
To:Brew Readers
Plus, insiders trading inside the White House.

Good afternoon. Time really flies when you’re having fun: Today is Brew Markets’ two year anniversary, and it feels like just yesterday we were covering rising inflation, geopolitical upheaval, and the ever-evolving AI trade.

Oh, wait—that was yesterday.

The more things change the more they stay the same, but the one thing that remains constant is our appreciation for you. Thanks for taking the time to read our terrible jokes about financial markets—we hope you didn’t pull a muscle rolling your eyes at our puns. If at any point over the last 24 months we’ve made you laugh, taught you something new, or helped you make a better-informed investment decision, we’d love for you to share Brew Markets with your friends and invite them to join the fun.

Thanks again—now onward to the next two years.

Lucy Brewster, Judy Dutton & Mark Reeth

In today’s newsletter, we’ll discuss:

  • Nvidia’s place in the AI ecosystem
  • Insider trading in the White House
  • Target’s turnaround

MARKETS

Nasdaq

26,270.36

S&P

7,432.97

Dow

50,009.35

10-Year

4.572%

Bitcoin

$77,536.54

Oil

$98.47

Data is provided by

*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean.

  • Stocks: Equities staged a big comeback after a few down days, with traders excited by President Trump’s promise that the US is in the “final stages” of establishing a peace deal with Iran.
  • Commodities: Oil tumbled on hopes of peace, as well as news that three tankers successfully transited the Strait of Hormuz.
 

✢ A Note From iShares by BlackRock

Visit www.iShares.com to view a prospectus, which includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing. Risks include principal loss.

When the Fund sells call options on a large cap equity index, it receives a premium but it takes on the risk that these options may reduce any profit from increases in the market value of the long equity positions held by the Fund. Any such reduction in profits would be the difference between the payoff of the call option and the premium received. The Fund would also retain the risk of loss if the long equity positions decline in value. The premiums received from the options may not be sufficient to offset any losses sustained from the long equity positions. Factors that may influence the value of the options generally include the underlying asset’s price, interest rates, dividends, the actual and implied volatility levels of the underlying asset’s price, and the remaining time until the options expire, among others. The value of the options written by the Fund typically do not increase or decrease at the same rate as the underlying asset’s price on a day-to-day basis due to these factors.

The Fund is actively managed and does not seek to replicate the performance of a specified index, may have higher portfolio turnover, and may charge higher fees than index funds due to increased trading and research expenses. There is no guarantee the fund will meet its investment objective.

The Fund's use of derivatives may reduce the Fund's returns and/or increase volatility and subject the Fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The Fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that the Fund's hedging transactions will be effective.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). BlackRock is not affiliated with Morning Brew.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES, BLACKROCK, and THE MARKET IS YOURS are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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