Stocks have hardly needed good news on the Iran front in recent weeks, but they got some today:

• Iran announced this morning that it would open the Strait of Hormuz for the remainder of the ceasefire, which ends on April 21.

The big picture: The possibility of a prolonged disruption to the supply of crude oil, liquefied natural gas, fertilizer and other commodities looks to be off the table, at least for now, Axios' Neil Irwin and Courtenay Brown noted earlier today.

The impact: Stocks soared, with major indexes rising beyond yesterday's record closing highs.

• 🛢️ Oil prices tumbled, with Brent crude falling nearly 9% — slipping under $90 a barrel for the first time in more than a month.
• 📉 10-year Treasury yields fell nearly 7 basis points to 4.25%.
• 📈 Typical risk-on assets rose, with bitcoin jumping over 3% to near $77,600.
• ✂️ And rate-cut expectations picked up steam. The market is now pricing in an over 30% expectation for at least a quarter point cut by September, compared to just 15% yesterday, per CME FedWatch.

🤝 Zoom out: President Trump added to the positive headlines throughout the day, telling Axios' Barak Ravid today that he expects U.S. and Iranian negotiators to hammer out a final deal to end the war "in a day or two."

⚠️ Reality check: Nothing is guaranteed.

• Multiple U.S. officials and other sources briefed on the negotiations told Barack that while significant progress has been made toward a peace deal, gaps still remain on critical issues.

What they're saying: Whether the ceasefire and the opening of the strait extends beyond the deadline "is far from a foregone conclusion," write Ryan Sweet and Ben May of Oxford Economics.

• "We remain cautious over a rapid return to normal traffic flows through the strait," they added.

Kailera Therapeutics, a Waltham, Mass.-based developer of GLP-1 drugs for obesity, closed up 63% in its trading debut, at $26.

Why it matters: The company raised $625 million in its IPO yesterday, making it the largest biotech IPO ever — topping Moderna's $604 million raise in 2018, Axios' Dan Primack notes.

• (Moderna scored a much higher valuation, as Kailera listed with around a $1.89 billion market cap.)

Zoom in: Kailera, whose drugs are in late-stage testing, had raised around $1 billion from a group of private investors, including Bain Capital, RTW Investments and CPPIB.

What we're watching: Almost every Big Pharma company without an obesity program wants one, so don't be surprised if someone comes knocking on Kailera's door, Dan notes.

• That's what happened to the last obesity issuer to go public — Metsera, which raised $289 million via IPO last January and then got acquired by Pfizer for $10 billion after a bidding war.

If you need smart, quick intel on dealmaking, get Axios Pro Deals.

✈️ Air Canada is suspending daily flights to New York's JFK airport, citing soaring fuel costs since the start of the Iran war. (Bloomberg)

🤖 Anthropic CEO Dario Amodei was expected to meet with White House chief of staff Susie Wiles today to discuss the company's new Mythos AI model — a breakthrough in his effort to resolve the company's bitter AI fight with the Pentagon. (Axios)

📈 Cerebras, the AI chipmaker, filed for an IPO today. (CNBC)

The San Diego Padres are reportedly nearing a sale to José E. Feliciano, co-founder of Clearlake Capital, and his wife, Kwanza Jones, CEO of Supercharged.

Why it matters: The Padres are still chasing their first World Series — but could soon claim a different distinction: the highest valuation ever for an MLB team sale, Axios' Pete Gannon writes.

Zoom in: The deal being discussed values the Padres at about $3.9 billion, WSJ reported, citing people familiar with the matter.

• That would top the $2.4 billion the Mets fetched in their 2020 sale to hedge-fund billionaire Steve Cohen.

Between the lines: The sale process drew "several bids" above $3.5 billion, per WSJ.

Yes, but: The Yankees and Dodgers remain baseball's most valuable teams, at $9 billion and $8 billion, respectively, per CNBC's 2026 estimates.

• At $3.9 billion, the Padres would rank fifth in MLB — behind the Yankees, Dodgers, Cubs and Red Sox.