4 PM After-Hours Flash: Bank of Canada says culture of US Federal Reserve will continue under new chair | Continuity at the Fed: Macklem's Assur

Wall Street is pulling back from record highs as fresh fighting in the Middle East sends oil prices sharply higher. The S&P 500 fell four tenths of one percent... the Dow dropped one point one percent... and the Nasdaq slipped two tenths of one percent after the United Arab Emirates said it came under attack by Iran... the first such strike since the ceasefire took hold in early April. Oil jumped on the news that the conflict could undermine the fragile truce. In other developments Bank of Canada Governor Tiff Macklem told lawmakers the culture of the US Federal Reserve will continue under its new chairman... with no anticipated shifts in the Fed's independence after Chairman Powell's term ends on May fifteenth. Wall Street's biggest investors including Blackstone are teaming up with Anthropic to build what they call the McKinsey of AI. After the bell investors are watching Palantir, Pinterest and Onsemi following their earnings beats on revenue growth and outlook... while ADEIA reported first quarter non-GAAP EPS of thirty eight cents beating estimates by a nickel on revenue of one hundred four point eight million dollars that topped forecasts. Russell's Morning Outlook is right around the corner — stay with VixShield. I am your VixShield news reporter.