April 2, 2026 – Markets, Missiles, and Margin Calls: How Wall Street Tiptoed Through the Strait of Hormuz – ( $ANNA $INTG $MTWO $NOK $NVDA $OPEN Rise!)

US stocks ended a volatile, holiday-shortened week mixed but resilient, as investors juggled Iran-war headlines, oil shock, and shifting Fed-cut expectations while the major indexes largely shook off early Thursday losses tied to Strait of Hormuz risks.

Index performance and tone

• The Dow spent much of the week on a roller coaster, suffering steep intraday drops as oil spiked and war rhetoric intensified, before recovering a large chunk of those losses into Thursday’s close.
• The S&P 500 and Nasdaq began the week under pressure but staged a sharp late-March “V-bottom” rebound that extended into the new quarter, leaving the tech-heavy benchmark still well above its mid-March correction lows despite continued swings.
• By the Thursday close (ahead of Good Friday’s closed stock market), equity markets had transitioned from panic to uneasy optimism: volatility remained elevated, but buyers consistently appeared on deep dips, especially in large-cap tech and quality growth.

Geopolitics, oil, and inflation narrative

• The dominant macro story was the escalating U.S.–Iran war and the risk of disruption in the Strait of Hormuz, through which roughly one-fifth of globally traded oil and a large share of LNG normally flows.
• Early in the week, fresh U.S. and Israeli strikes, Iranian counterattacks, and talk of possible closure of the strait helped push crude above the 110-dollar area, embedding a meaningful risk premium into oil markets.
• By Thursday, headlines that Oman and regional intermediaries were working on mechanisms to ease the de facto blockade helped spark hopes that transit could normalize over coming weeks, which in turn allowed stocks to recover from steep morning losses.

Trump’s comments and rate-cut expectations

• President Trump’s midweek televised address signaled the war in Iran could last “another two to three weeks,” promising to hit Iran “extremely hard,” which initially hammered global risk sentiment and sent stock futures sharply lower.
• At the same time, investors began to reassess the Fed path: sustained triple‑digit oil and renewed supply shocks threaten to re-ignite inflation, prompting traders to trim expectations for near-term rate cuts even as bond markets still price some easing later in 2026.
• This mix—higher energy, stickier inflation risk, but also a still‑resilient U.S. economy—kept the macro backdrop in a “stagflation scare” zone, yet not enough to fully break the bid under high-quality U.S. equities.

Sector and style moves

• Energy led the week as crude’s surge lifted integrated majors, E&Ps, and services, one of the few areas consistently in the green on big down days.
• Rate‑sensitive growth and high-multiple tech names remained the pressure point during risk‑off stretches, but the powerful late‑quarter rebound showed that secular AI and cloud themes still attract buyers on dislocation.
• More defensive pockets—staples, healthcare, and utilities—saw renewed interest as portfolio hedges, while small caps lagged as higher energy and financing costs weigh more heavily on domestically focused, lower‑quality balance sheets.

Market character heading into next week

• The week ending Thursday, April 2, 2026, closed with a fragile détente: war headlines and oil remain the primary macro drivers, but markets are behaving more like a grinding risk repricing than an uncontrolled liquidation.
• Heading into the post‑holiday week, positioning is cautiously balanced between fears of a prolonged Middle East conflict and optimism that a negotiated pathway to easing Strait of Hormuz tensions could extend the nascent equity rebound.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Eupraxia Pharmaceuticals (EPRX, $7.17)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.

Eupraxia announced (March 17) positive symptom data from patients in the two highest dose cohorts from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). “We are very pleased to see such a meaningful symptom response at 24 weeks in the highest dose of the Phase 1b/2a portion of the RESOLVE study,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “We believe this type of response based on a single administration procedure would represent a compellingly different option for EoE patients. Importantly, the response that we are observing across cohorts 4-9 has increased as patients progress through the study through to week 24. We believe this demonstrates the importance of stable, continuous long-term local steroids in tamping down signs of inflammation quickly and acting on fibrosis in the longer term. Also, as previously reported, we continue to be encouraged by the safety profile that we have observed with EP-104GI. Currently, with 31 patients dosed in the Phase 1b/2a study, and over 220 months of follow up, there have been no reported serious adverse events.”

Modular Medical (MODD $5.01)

• Modular Medical, Inc., an innovative insulin delivery technology company, announced (March 26) that it will effect a 1-for-30 reverse stock split of its outstanding common stock. The reverse stock split will become effective at 5:30am ET on March 31, 2026. The common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) under the same symbol “MODD” when the market opens on March 31, 2026, with the new CUSIP number 60785L306. The reverse stock split was approved by the Company’s shareholders at the Company’s fiscal 2026 Annual Meeting, held on January 23, 2026. The reverse stock split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on Nasdaq. The reverse stock split will reduce the number of outstanding shares of the Company’s common stock from 139,810,797 shares pre-reverse split to approximately 4,660,360 shares post-reverse split. The number of authorized shares of common stock and the par value per share will remain unchanged. As a result of the reverse stock split, every 30 shares of the Company’s pre-reverse split common stock will be combined and reclassified into one share of common stock, as applicable. Proportionate voting rights and other rights of such holders will not be affected by the reverse stock split. Holders of fractional shares will be paid cash in lieu of shares.
• Modular Medical recently priced a public offering of 68,098,000 shares of common stock (or pre-funded warrants) alongside warrants to buy an equivalent number of shares, targeting gross proceeds of about 12 million dollars before fees. The combined public offering price of roughly 17.62 cents per share and accompanying warrant comes at a premium to the prevailing market, a rare feat in a sector where financings often resemble clearance sales rather than premium shelf space.
• Earlier this in 2025, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

GeoVax Labs (GOVX, $1.33)

• GeoVax’s (GOVX) latest update on its GEO-MVA program reads less like a small-cap press release and more like a biotech coming-of-age story, with Phase 3 now on the horizon and global health agencies finally circling the dance floor. For investors, the mpox/smallpox candidate is evolving from scientific footnote to potential revenue engine, backed by an accelerated European regulatory path and tangible manufacturing readiness. Learn more here.
• GeoVax announced (Feb. 24) the formation of its Oncology Advisory Board with the appointment of three internationally recognized leaders in immuno-oncology, translational medicine, and clinical development. This Advisory Board will play a central role in guiding the scientific, translational, and clinical advancement of GeoVax’s oncology program, focused primarily on Gedeptin(R), the company’s gene-directed enzyme prodrug therapeutic (GDEPT). GeoVax plans to conduct a Phase 2 trial with Gedeptin in the neoadjuvant setting, pairing it with an immune checkpoint inhibitor (ICI) in locally advanced head and neck squamous cell carcinoma. In parallel, it will be evaluating combination Gedeptin + ICI strategies across additional solid tumor indications.
• GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
• On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)

The InterGroup Corporation (INTG, $38.07, +5.14%)

• InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO, +7.23%)

• flyExclusive (NYSE American: FLYX), the vertically integrated private aviation company, announced (March 25) two milestones in its proprietary technology development: the filing of a utility patent application for a novel aircraft schedule optimization architecture, and the availability of Contrails, its Flight Management System, to other Part 135 operators beginning in Q2 2026. Both announcements coincide with the company’s presence at the NBAA Schedulers & Dispatchers Conference 2026 in Cleveland. “We have spent years building flyExclusive into one of the most operationally capable private aviation companies in the country. Contrails is how we make that expertise available to the broader industry—and the intellectual property behind it reflects the depth of investment we have made in solving problems that matter to every serious operator. We believe the right technology, built by people who actually run flights, changes what is possible in this industry. Today we are unable to source lift for nearly 300 trip requests per day. We believe Contrails will allow us to address that demand far more efficiently—both within our own operation and through coordination with other operators—and that represents a material revenue opportunity for flyExclusive and for all participating operators.”
• Volato Group, Inc. announced (March 10) that it has entered into an amendment to its Aircraft Management Services Agreement with flyExclusive, Inc. (“FLYX”) providing for the sale of certain legacy intellectual property assets. The agreement provides for consideration valued at approximately $1.3 million, payable in FLYX Class A common stock, subject to customary conditions. The assets relate to legacy intellectual property developed during earlier stages of the Company’s technology initiatives and are not part of Volato’s current operating platforms. Volato continues to evaluate opportunities to streamline its asset base and focus resources on strategic priorities, including the continued development of its core software platforms and the pending business combination with M2i Global, Inc.
• Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
• On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA, $177.39, +.93%) (NOK, $8.82, +6.65%)

• In an AI market obsessed with GPUs and stardust, Nokia (NOK) is quietly reminding investors that none of this magic moves without serious plumbing. While Nvidia (NVDA) prepares to headline its GTC 2026 “Woodstock of AI” showcase, the chip giant has already written a very real check to Nokia, committing a $1 billion investment to help rewire the world’s networks for 5G‑Advanced, 6G, and AI‑native workloads. The message is simple enough: GPUs may be the new rock stars, but networking is the stadium.
• Nvidia delivered strong fourth-quarter results recently, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
• NVIDIA and Nebius Group N.V. (NASDAQ: NBIS) (March 11) announced a strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI market, from AI natives to enterprises. NVIDIA will invest $2 billion in Nebius.

McDonald’s (MCD, $307.14)

• In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.

Opendoor (OPEN, $4.74, +3.72%)

• Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
• Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.

Tesla (TSLA, $360.59)

Elon Musk’s latest Texas-sized ambition is to build his own AI chip empire, and this time the factory floor will sit right next to the robots, rockets, and robotaxis that plan to use it. The Terafab project, a new semiconductor venture linking Tesla (TSLA), SpaceX, and xAI in Austin, aims to churn out custom chips for AI, humanoid robots, and space systems at a scale that makes today’s GPU land rush look like a warm‑up act. Learn more here.

There are open secrets on Wall Street, and then there is SpaceX’s long‑anticipated march toward the public markets, now reportedly via a confidential filing with the SEC that could set up a June debut. For a company that routinely broadcasts rockets into orbit, it is taking a decidedly hush‑hush approach to its paperwork

Serina Therapeutics (NYSE: SER, $2.12)

Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.

What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.

AleAnna, Inc. (ANNA, $7.89, +8.68%)

AleAnna, Inc. (ANNA) recently turned a dry technical milestone—its year‑end reserves report—into something closer to an Italian energy renaissance, with proved natural gas reserves jumping 47% after a year of active production. For investors hunting for credible growth stories in a world of energy-transition buzzwords, this is one of the rare cases where the molecules are actually catching up to the marketing. Learn more here.

The Sources

1. Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq extend rally for 2nd day on hopes of Iran war deescalation”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-climb-as-deescalation-talk-in-iran-extends-rally-133208524.htmlfinance.yahoo
2. Yahoo Finance – “Stock market today: Dow, S&P 500 sink, Nasdaq enters correction territory as oil spikes amid Iran war”
   https://ca.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-fall-as-wall-street-weighs-prospects-for-iran-truce-133316424.htmlfinance.yahoo
3. Yahoo Finance – “Month of March Goes Out Like a Bull”
   https://finance.yahoo.com/markets/stocks/articles/month-march-goes-bull-220100339.htmlfinance.yahoo
4. Yahoo Finance – “How major US stock indexes fared Tuesday 3/31/2026”
   https://finance.yahoo.com/markets/world-indices/articles/major-us-stock-indexes-fared-202030310.htmlfinance.yahoo
5. Yahoo Finance – “Wall Street drops again to close its 5th straight losing week and its worst since Iran war began”
   https://finance.yahoo.com/markets/world-indices/articles/asian-stocks-mostly-lower-wall-030651899.htmlfinance.yahoo
6. Yahoo Finance – “Stock market today: Dow, S&P 500 rise, Nasdaq slips as war uncertainty drives oil prices higher”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-fall-entering-shortened-week-ahead-of-jobs-reports-133216214.htmlfinance.yahoo
7. Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq trim losses but end sharply lower as Wall Street assesses Iran strikes”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-trim-losses-but-end-sharply-lower-as-wall-street-assesses-iran-strikes-133219868.htmlfinance.yahoo
8. Yahoo Finance – “Almost everything is going wrong for markets right now”
   https://finance.yahoo.com/news/almost-everything-is-going-wrong-for-markets-right-now-100005327.htmlfinance.yahoo
9. Yahoo Finance – “Dow, S&P 500, Nasdaq pare losses on hopes that Iran could reopen key oil chokepoint”
   https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-stumble-after-trump-says-war-with-iran-not-yet-over-133233835.htmlfinance.yahoo
10. Yahoo Finance – “Wall Street falls to its worst drop since the Iran war as the Nasdaq sinks into correction”
    https://finance.yahoo.com/markets/world-indices/articles/asian-stocks-mostly-fall-oil-043625621.htmlfinance.yahoo
11. Yahoo Finance / Live blog you provided – “Stock market today: Dow falls, S&P 500 and Nasdaq shake off early losses on Strait of Hormuz hopes”
    https://finance.yahoo.com/news/live/stock-market-today-dow-falls-sp-500-and-nasdaq-shake-off-early-losses-on-strait-of-hormuz-hopes-200009635.htmlcnbc
12. Yahoo Finance – “US stocks rebound as market achieves rare ‘V-Bottom’” (also syndicated on AOL)
    https://finance.yahoo.com/video/us-stocks-rebound-as-market-achieves-rare-v-bottom-220000272.html
    Mirror: https://www.aol.com/finance/us-stocks-rebound-market-achieves-220000641.htmlaol+1
13. TheStreet – “Stock Market Today (Apr. 2, 2026): Futures slide after Trump signals weeks more of Iran war”
    https://www.thestreet.com/latest-news/stock-market-today-apr-2-2026-updatesthestreet
14. CNBC TV18 – “Stocks slide, oil surges as Trump remarks hit Iran peace hopes” (live blog with futures/oil commentary)
    https://www.cnbctv18.com/market/us-stock-market-live-updates-dow-snp-500-nasdaq-wall-street-iran-war-oil-dollar-gold-silver-live-cnbctv18