Good morning.

Stocks are in slight negative territory this morning as it appears the conflict with Iran … initially targeted to last “four to six weeks” is about to enter its third month. One issue many are tossing around is the President needs congressional authorization to continue hostilities beyond the initial 60 days … which concludes the end of this week … but let’s not kid ourselves … the White House has become very adept in using the courts … instead of congress … and could lean on justices to decide just what rules the administration needs to follow … a decision for which delay would be welcomed … with withdrawal put on hold as this goes through the process.

Americans do, however, want this to be resolved quickly … as the average gas price has just reached $4.23/gallon.  Meanwhile, the President reportedly told aides to prepare as the blockade could last “for months” … while Iran requested the Strait be fully opened immediately as negotiations continue.

Two sides … playing hardball … each feeling they have the upper hand … while it is recipients of the precious oil … suffering the most.

The April Fed meeting … probably Jay Powell’s last … concludes this afternoon and no rate change is expected.  The news conference will take on even more interest than usual as Jay Powell will certainly be asked about his plans once a new chair takes over in May.

While the Fed might drive the afternoon markets, tomorrow’s opening could show a bit of movement as 4 of the “Mag 7” stocks report earnings after tonight’s close … so we should get an indication if AI spending from Alphabet (Google), Amazon, Meta and Microsoft is beginning to show dividends.

Results from a Conference Board survey came out this morning and, while still weak, consumers showed more confidence about things in April than was expected. I don’t know how to read this other than to think higher prices are no longer a shock, but an expectation.  I was at Costco yesterday … and seeing a family-sized pack of 4 choice NY Strip steaks selling for just under $16/pound and prime at $21.55 … the final prices (around $65-$90) were met with a shrug … as I have somehow gotten used to it.

Another item in the news having to do with prices … was recognition that during Covid, costs for automobiles jumped with some monthly payments exceeding $1,000/month.  Well, it is now a few years later and some of these cars are starting to be replaced … so it is of little surprise that an Edmunds report shows 30% of cars are in “negative equity” and on the average trade-ins find buyers still owing an additional $7,200 on their loans.

On a final note … and the last article below … has to do with “tipping” … and I am very focused on this at this very second as I expected some drivers to drop off a piece of furniture in just over 2 hours … and I don’t know how much to tip (after all, I was charged $150 for “white glove service” where they bring it inside, unbox it and put it together if necessary).  I mean … is this in the price or do I need to pay more … and, if so … how much?

I think I will have to go to ChatGPT for the answer to my tipping dilemma … but I am unsure if I should trust the answer …

… as there no way of knowing if AI and my delivery drivers are working together, having jointly devised a scheme in which they share whatever I do tip.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | April 29, 2026 As of 10:41 AM today … The good news about the ceasefire is there are few reports of any major attacks … though the strait remains closed, creating havoc in the energy sector (Aljazeera) https://www.aljazeera.com/news/2026/4/29/no-more-mr-nice-guy-trump-threatens-iran-to-get-smart-in-peace-talks   … but people might not need cars to get around … at least locally … as e-bikes are really improving their traveling range … with one able to go 100 miles! (Electrek) https://electrek.co/2025/10/22/rivians-spinoff-also-invents-the-future-of-e-bikes-but-will-it-sell/   … and these will have lower insurance than cars.  Even so there is one idea being toss around that could be interesting … car insurance by the mile … makes sense (CNBC) https://www.cnbc.com/select/driving-less-due-to-high-gas-prices-pay-per-mile-car-insurance/   When they first came out, it was obvious that little kids should not be on smartphones … but that has gone out the window and toddlers have quickly become indoctrinated (TheTimes) https://www.thetimes.com/uk/technology-uk/article/babies-and-under-2s-screen-time-6jbdmnjlg   … while most of us remember going to school and then coming home to do homework … but does homework help to educate … or is it not needed at all? (NPR) https://www.npr.org/2026/04/28/nx-s1-5795647/should-schools-get-rid-of-homework   Here we go … a subject dear to my heart … tipping … as you don’t want to reward bad or even no service … but you don’t want to be thought of as “the cheap guy.” (DelawareOnline) https://www.delawareonline.com/story/life/2026/04/12/how-much-should-you-tip-guide-to-who-and-when-to-tip/89536260007/ The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.