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Robinhood revenue misses, Trump Accounts hit expenses. (0:16) Trump extends pressure on Iran – is it NACHO not TACO? (1:57) Disney keeping ESPN as streaming strategy takes priority. (3:31)

This is an abridged transcript of the podcast:

Our top story so far, Robinhood Markets (HOOD) is tumbling after Q1 earnings and revenue both missed estimates, and the company lifted its expense outlook due to the impact of Trump Accounts.

GAAP EPS came in at $0.38, just below the $0.39 consensus. Revenue of $1.07B trailed expectations of $1.14B. Average revenue per user fell to $157 from $191 in the prior quarter.

Transaction-based revenue declined to $623M from $776M in Q4. Crypto revenue dropped 47% Y/Y to $134M, while options revenue rose 8% to $250M and equities revenue jumped 46% to $82M.

Robinhood also raised its 2026 combined adjusted operating expense and share-based compensation guidance to $2.7B–$2.825B, above prior guidance and consensus.

“Our work for Trump accounts is contracted on a cost plus basis with a small margin, so we expect revenues to exceed costs,” the company said.

Investment manager Ross Gerber of Gerber Kawasaki said Robinhood only makes money “when you gamble and lose on.... stock options, crypto and betting. This is a gambling app, nothing more. They make money when you lose.”

Among other active stocks, Seagate Technology (STX) and NXP Semiconductors (NXPI) are surging post-earnings.

On Seagate, Morgan Stanley analyst Erik Woodring said, “For the third quarter in a row, our prior bull case is becoming our new base case for STX, as pricing, gross margins and earnings power continue to exceed our above-Street forecasts.”

On NXP, Morgan Stanley analyst Joseph Moore said the company provided the confidence and clarity needed to support its long-term story, citing “new data center disclosure, broader analog momentum and continued design win ramps.”

Oil prices are moving higher on expectations of a prolonged Middle East bottleneck. Stronger-than-expected U.S. economic data — adding demand to an already constrained market — is also supporting the move.

The United States Oil Fund ETF (USO) rallied to its highest level since July 2015.

President Donald Trump pressed Iran to “get smart soon” after reportedly telling aides to prepare for an extended blockade of the country’s key port infrastructure.

The decision to maintain the blockade is seen as a lower-risk alternative to resuming bombing or abandoning negotiations altogether, the Wall Street Journal reported.

Trump said Iran’s offer to reopen the Strait of Hormuz while postponing nuclear talks showed Tehran was not negotiating in good faith.

“Iran can't get their act together,” Trump posted overnight on Truth Social. “They don't know how to sign a nonnuclear deal. They better get smart soon!”

An extended blockade would likely keep energy markets on edge, with traders watching closely for any disruption tied to the Strait of Hormuz — a key chokepoint for global oil flows.

As Bloomberg columnist Javier Blas noted, one trader quipped that markets were expecting “TACO” — Trump Always Chickens Out — but are instead getting “NACHO” — Not A Chance Hormuz Opens.

Ahead of this afternoon’s Fed decision, the Senate Committee on Banking, Housing and Urban Affairs advanced Kevin Warsh’s nomination for Federal Reserve chair to a full Senate vote, where he is widely expected to be confirmed.

The committee approved the nomination 13–11 along party lines.

The vote puts Warsh on track to be confirmed before Jerome Powell’s term as Fed chair ends on May 15, making today’s FOMC meeting likely the last one Powell will lead as chair. His term as a Fed governor, however, runs for two more years.

And in other news of note, Disney (DIS) has reportedly decided against spinning off ESPN and will keep the sports network within its portfolio, Business Insider reports.

The decision comes as Josh D’Amaro prepares to assume leadership from Bob Iger. Keeping ESPN in-house is seen as supporting Disney’s broader pivot to streaming, with the network continuing to be offered across cable and streaming platforms, including bundled packages with Hulu+ and Disney+.

ESPN was once a major profit engine for Disney but has faced subscriber declines amid cord-cutting. While Iger publicly described ESPN as a core asset, discussions had emerged over whether separating the network could unlock value.