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Trump administration nears Spirit rescue deal with major ownership stake. (0:16) Boeing tops expectations. (0:45) Aluminum market already in a ‘Black Swan’ shock. (1:41)

This is an abridged transcript of the podcast:

Our top story so far, the Trump administration is nearing a deal to rescue Spirit Airlines (FLYYQ).

Shares of Spirit soared after the Wall Street Deal reported that the U.S. government would loan Spirit as much as $500M in return for warrants for a significant stake in the carrier.

Further reports said the government could own up to 90% of Spirit following a rescue deal. The Transportation Department and the Commerce Department are said to be involved talks.

President Donald Trump said on Tuesday he would like to see a buyer for the distressed airline and said he may be open to the government helping out.

Among active stocks, Boeing (BA) is up after reporting quarterly results that topped Wall Street expectations on the top and bottom lines. Investors weighed improving aircraft deliveries against ongoing geopolitical and travel-market risks.

SA Analyst Dhierin Bechai said if “Boeing had been able to deliver Boeing 737s as planned, the operating cash flow would have been positive. So, it was not the best quarter the company could have had, but it still showed substantial improvement."

AT&T (T) is trading defensively as a decline in legacy revenue and pressure on free cash flow overshadowed gains in internet and postpaid phone revenue.

Analyst Samuel Smith said the results reaffirmed his “biggest concerns with AT&T: that it operates in a perpetually high capital intensity business and highly competitive industry that keeps its growth and cash generation constrained.”

And AST SpaceMobile (ASTS) shares is rallying after the company secured commercial authority from the FCC to deliver direct-to-device cellular broadband from space.

In other news of note, the global aluminum ​market is already ⁠experiencing a Black Swan supply shock due to disruptions from the Iran war, which likely will cause a supply shock that will lead to major shortages this year.

Nick Snowdown, the top metals analyst at commodities trader Mercuria, told the FT: "The scale of the supply shock ​we're seeing in the aluminum market is probably the largest single supply shock a base ⁠metals market has suffered in the post-2000 era."

He estimates the market ​will face a minimum deficit of ~2M tons between now and year-end, which may prove conservative, as it assumes a near-term improvement in alumina flows through the Strait of Hormuz.

And in the Wall Street Research Corner, Goldman Sachs strategist Tony Pasquariello says the stock market’s primary uptrend remains intact. But he warns that near-term conditions have grown more challenging.

The relative strength index of the S&P is right at overbought levels, and “the most intense spec buying is behind us now, so the short-term setup is certainly more demanding than it was at the end of March,” Pasquariello said.

He laid out a detailed bear case, arguing that “stock operators are complacent” and that any “impingement on the flow of energy is set to cascade” as the Iran conflict continues. He also pointed to “a sharp deceleration in CTA demand” and noted the rally has been “exceptionally narrow” with “only 5 percent of the stocks in the Russell 3000 index (IWV)” trading at 52-week highs.

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