VanEck is a global asset management firm offering ETFs, mutual funds, private funds, model portfolios, institutional strategies, separately managed accounts, as well as UCITS funds. Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. VanEck has a long history of looking beyond financial markets to spot trends that create meaningful investment opportunities. We were one of the first U.S. asset managers to give investors access to international markets, which set the tone for identifying asset classes and themes such as gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 that later helped shape the investment industry. The firm oversees $161.7 billion in assets as of September 30, 2025. Disclosures: http://ow.ly/SZ9450N5qTJ.

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Big banks and tech names kick off earnings season this week. (0:17) Trump orders U.S. to block Strait of Hormuz shipping traffic. (1:13) Fed Beige Book and speakers guide rate outlook this week. (2:00)

The following is an abridged transcript:

It’s that time again when “per share” echoes across Wall Street.

Earnings season begins this week with the big banks, alongside a couple of major tech names.

Goldman Sachs (GS) kicks things off Monday. Tuesday brings JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and BlackRock (BLK). Bank of America (BAC) and Morgan Stanley (MS) follow Wednesday. Later in the week, results from Taiwan Semiconductor (TSM), Netflix (NFLX) and PepsiCo (PEP) will offer insight into global demand, tech spending and consumer trends.

Netflix reports Thursday, with analysts expecting EPS of $0.77 on revenue just above $12B.

With the Warner Bros. (WBD) acquisition saga behind it, focus has shifted back to core growth drivers: advertising, content and engagement. Ad revenue will hinge in part on traction in live sports, while the company’s recent subscription price increases will be closely watched for signals on pricing power and capital allocation.

Also on the calendar: Johnson & Johnson (JNJ) reports Tuesday and ASML (ASML) on Wednesday.

In geopolitics this weekend, President Donald Trump said the U.S. would move to block maritime traffic through the Strait of Hormuz after negotiations with Iran collapsed in Islamabad.

In a post, Trump said the Navy would begin efforts to stop vessels from entering or leaving the key shipping lane, framing the move as a response to escalating tensions.

The announcement followed the breakdown of marathon talks involving Vice President JD Vance and envoys Steve Witkoff and Jared Kushner, who spent nearly a full day negotiating with senior Iranian officials.

The discussions, brokered by Pakistan, were aimed at ending a six-week conflict but failed to produce an agreement, leaving a fragile ceasefire in doubt.

Iranian officials said U.S. demands were too steep, though the foreign ministry signaled further talks remain possible, noting that major disputes are unlikely to be resolved in a single round.

On the economic front, the Federal Reserve’s Beige Book on Wednesday will offer a fresh snapshot of economic conditions, while a steady lineup of Fed speakers could help shape rate expectations.

Wells Fargo economists highlight New York Fed President John Williams on Thursday and Governor Christopher Waller as the key voices to watch.

“We consider Williams a good proxy for the more academically minded members of the Fed,” they wrote. “He doesn’t usually shock markets, but his comments will be closely scrutinized for signals on a higher-for-longer stance versus the timing of potential cuts.”

“Waller, on the other hand, isn’t shy about changing his mind publicly,” they added. “He dissented in favor of a cut at the meeting prior to the most recent one and has emphasized data dependence — a willingness to hold rates if the data firm, while remaining opposed to hikes.”

And for income investors, Abbott Laboratories (ABT) and AbbVie (ABBV) go ex-dividend on Wednesday, with payouts scheduled for May 15.

Johnson Outdoors (JOUT) goes ex-dividend Thursday and pays out on April 30.

Acuity Brands (AYI) goes ex-dividend Friday, with a May Day payout.

HOUSTON — Phil Garner, the gritty three-time All-Star infielder nicknamed “Scrap Iron” for his hard-nosed style and the manager who guided the Houston Astros to their first World Series appearance in 2005, died Saturday after a two-plus-year battle with pancreatic cancer. He was 76.

Garner passed away peacefully on April 11, 2026, surrounded by family, his relatives said in a statement released Sunday. “Phil never lost his signature spark of life he was so well-known for or his love for baseball, which was with him until the end,” his son Ty Garner said.

The Milwaukee Brewers, one of the teams Garner managed for eight seasons, confirmed the news and expressed sadness over the loss of a beloved figure in the game. Tributes poured in from across Major League Baseball, with the Baseball Hall of Fame, Pittsburgh Pirates and Houston Astros all honoring the Tennessee native who embodied blue-collar determination on the field and in the dugout for more than three decades.

Born Philip Mason Garner on April 30, 1949, in Jefferson City, Tennessee, he grew up in nearby Rutledge and later attended the University of Tennessee. Drafted by the Oakland Athletics in 1971, Garner broke into the majors in 1973 and quickly earned a reputation as a versatile, dependable infielder who could play second base, third base and shortstop.

His playing career spanned 16 seasons with five teams: the Athletics (1973-76), Pittsburgh Pirates (1977-81), Houston Astros (1981-87), Los Angeles Dodgers (1987) and San Francisco Giants (1988). He earned All-Star selections in 1976 with Oakland, and in 1980 and 1981 with Pittsburgh. Garner’s finest moment as a player came in the 1979 World Series, when the Pirates defeated the Baltimore Orioles. He hit a sizzling .500 (12-for-24) in the Fall Classic, providing key hits for the “We Are Family” Pirates squad led by Willie Stargell.

Hall of Fame broadcaster Milo Hamilton bestowed the enduring nickname “Scrap Iron” on Garner during his time with the Pirates, praising his toughness and willingness to battle every pitch and every play. Teammates and opponents alike respected his intensity. In an era of larger-than-life stars, Garner stood out for his hustle, defensive reliability and clutch contributions rather than gaudy power numbers.

After retiring as a player following the 1988 season, Garner transitioned seamlessly into coaching and managing. He began his managerial career in the minor leagues before getting his first big-league opportunity with the Milwaukee Brewers in 1992. Over eight seasons in Milwaukee (1992-99), he compiled a 563-617 record. His 1992 squad finished second in the American League East, earning Garner runner-up honors for AL Manager of the Year. Brewers fans remembered him fondly as a hard-nosed skipper who connected with players and the community.

Garner next managed the Detroit Tigers from 2000 to 2002, overseeing the team’s transition into the newly opened Comerica Park. His tenure included some rebuilding years, but he remained known for demanding accountability and fostering competitiveness.

His most celebrated managerial achievement came with the Houston Astros. Hired as manager on an interim basis in July 2004, Garner quickly stabilized a talented but underachieving club. In 2005, he led the Astros to a National League Central title and, more importantly, the franchise’s first-ever pennant. Houston defeated the St. Louis Cardinals in the NL Championship Series before falling to the Chicago White Sox in the World Series. The run electrified the city and marked a turning point for a franchise long seeking October glory.

Garner managed the Astros through part of the 2007 season, finishing with a 277-252 record in Houston. Overall, his 15-year managerial career produced a 985-1054 record (.483 winning percentage) and one National League pennant. He was known for his straightforward communication, emphasis on fundamentals and ability to get the most out of veteran rosters.

Former players and colleagues described Garner as a man who bridged generations. Astros greats from the 2005 team recalled his calm leadership during the pressure-packed playoff push. Pirates teammates from the 1979 championship season praised his clubhouse presence and work ethic. Even in retirement, Garner stayed connected to the game, occasionally throwing out first pitches and offering insights on broadcasts.

The battle with pancreatic cancer, diagnosed more than two years ago, tested Garner’s characteristic resilience. Family members said he faced the illness with the same determination that defined his baseball career, maintaining his love for the sport and spending cherished time with loved ones. In April 2025, he threw out a ceremonial first pitch at Minute Maid Park, drawing warm applause from Astros fans who remembered his pivotal role in the franchise’s history.

MLB Commissioner Rob Manfred issued a statement Sunday expressing condolences. “Phil Garner was a fierce competitor as a player and a respected leader as a manager. His contributions to our game, from World Series heroics to guiding the Astros to new heights, left an indelible mark. We send our deepest sympathies to his family, friends and the many fans who admired his grit.”

The Pittsburgh Pirates, where Garner won his only World Series ring as a player, remembered him as “a key member of our 1979 championship team whose passion and toughness inspired teammates.” The Brewers highlighted his eight seasons at the helm and the lasting relationships he built in Milwaukee. The Tigers noted his role during an important era in franchise history.

Garner is survived by his wife, children and grandchildren. Funeral arrangements were pending, with the family requesting privacy during this difficult time while expressing gratitude for the outpouring of support from the baseball community.

In an era when analytics increasingly dominate baseball decisions, Garner represented an old-school ethos — a player and manager who valued heart, preparation and playing the game the right way. His journey from small-town Tennessee to All-Star status, World Series champion and history-making manager served as an inspiration for countless young athletes who saw in him proof that determination and hustle could overcome natural talent gaps.

Tributes on social media and in clubhouses Sunday reflected the respect he earned across decades. Former players shared stories of Garner’s fiery competitiveness tempered by genuine care for those around him. One Astros coach recalled how Garner’s straightforward style helped young stars navigate the pressures of a pennant race.

Though he never won a World Series as a manager, Garner’s 2005 Astros team remains a milestone in Houston sports lore. The club would later win its first championship in 2017 under different leadership, but fans and historians credit Garner with laying groundwork for sustained success and breaking the franchise’s long-standing October barrier.

As baseball mourns the loss of one of its steadier hands, Garner’s legacy endures in the stories of clutch hits, diving stops and dugout exhortations that defined a life devoted to the game. From the green fields of Tennessee to the bright lights of multiple World Series, “Scrap Iron” left the diamond stronger for having played it.

Friends and family remembered not only the baseball man but the devoted husband, father and grandfather whose spark remained undimmed even in his final days. In the words of his son, that love for baseball — and for life — accompanied him to the end.

The baseball world paused Sunday to honor a player who gave everything on every play and a manager who guided teams through transition and triumph. Phil Garner’s 76 years were marked by resilience, achievement and an unyielding competitive fire that earned him a permanent place in the hearts of fans across multiple cities.

The iconic green jacket still defines the Masters — but the prize money has never been greater.

This year’s winner will take home a record $4.5 million, a payday that separates sharply from the rest of the field.

On Saturday, the Masters announced a total purse of $22.5 million—an increase of $1.5 million from last year and up $7.5 million from 2022, when American Scottie Scheffler won.

More than $17 million of this year’s total will go to the top 15 finishers, with payouts dropping sharply down the leader board. 

RORY MCILROY’S MONSTROUS LEAD DISAPPEARS, SURPRISE CONTENDER SURGES AS MASTERS COMES DOWN TO THE FINAL DAY

Second place will earn just over $2.4 million, while third takes home a little more than $1.5 million. Even the golfer who finishes 50th will earn $56,700.

Players who make the cut but finish outside the top 50 will earn at least $55,250, with payouts decreasing from there, while those who miss the cut will still take home $25,000.

That scale underscores just how dramatically the Masters champion’s payday has grown: Horton Smith earned $1,500 for winning the inaugural tournament in 1934, compared to Rory McIlroy’s $4.2 million in 2025.

HOW THE 3,267TH-RANKED AMATEUR GOLFER, A REAL ESTATE AGENT, GOT TO PLAY ALONGSIDE LEGENDS AT THE MASTERS

Rory McIlroy victorious during the green jacket ceremony after winning the sudden death playoff round to win the tournament at Augusta National in 2025. (Erick W. Rasco/Sports Illustrated via Getty Images / Getty Images)

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And in a tradition unlike any other, players at Augusta National don’t know the prize money they’re competing for when they tee off; the club waits until after the 36-hole cut to announce the payouts.

VanEck is a global asset management firm offering ETFs, mutual funds, private funds, model portfolios, institutional strategies, separately managed accounts, as well as UCITS funds. Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. VanEck has a long history of looking beyond financial markets to spot trends that create meaningful investment opportunities. We were one of the first U.S. asset managers to give investors access to international markets, which set the tone for identifying asset classes and themes such as gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 that later helped shape the investment industry. The firm oversees $161.7 billion in assets as of September 30, 2025. Disclosures: http://ow.ly/SZ9450N5qTJ.

LOS ANGELES — Los Angeles Lakers superstar Luka Doncic will miss the remainder of the 2025-26 NBA regular season after suffering a Grade 2 left hamstring strain, dealing a significant blow to the team’s playoff positioning and his MVP candidacy just weeks before the postseason begins.

The Slovenian guard, who has led the NBA in scoring much of the season, went down in the third quarter of the Lakers’ 139-96 loss to the Oklahoma City Thunder on April 2. He grabbed his left hamstring after a spin move near the paint and did not return, finishing with 12 points, four rebounds and seven assists in 26 minutes. An MRI the following day confirmed the partial tear.

Here are five essential things to know about Doncic’s injury as the Lakers prepare for the 2026 NBA Playoffs without their primary offensive engine.

1. It’s a Grade 2 hamstring strain with a typical 3-to-6 week recovery timeline. A Grade 2 strain involves a partial tear of the muscle fibers, causing significant pain, swelling and weakness. Injury analysts note the average recovery time hovers around 35 days, though it can range from three to six weeks or longer depending on the exact location and severity. The Lakers have ruled Doncic out for the final stretch of the regular season, with only five games remaining as of early April. Playoffs begin April 18, giving him a narrow window if healing progresses faster than expected.

2. Doncic is seeking specialized treatment in Europe to expedite his return. After consulting with Lakers doctors and his personal medical team, Doncic traveled to Spain for an injection procedure and advanced rehabilitation aimed at accelerating healing. Agent Bill Duffy confirmed the move, stating the goal is to maximize the chance of a playoff return. Reports indicate he has already completed phase one of his recovery program and is responding well, though no firm timetable has been set. Lakers coach JJ Redick described Doncic as being in “relatively good spirits” and attacking rehab aggressively.

3. The injury creates a major power vacuum for the Lakers in the Western Conference. With Austin Reaves also sidelined by an oblique strain, the Lakers are without two of their top offensive creators heading into the postseason. The team sits third in the West with a 50-27 record, but the absence of Doncic — their leading scorer and playmaker — shifts heavy responsibility to LeBron James and a supporting cast that has struggled in recent blowout losses. Analysts say the injury dramatically alters playoff seeding scenarios and matchup projections across the conference.

4. It jeopardizes Doncic’s MVP case and individual award eligibility. Doncic entered April as a legitimate MVP candidate and frontrunner for the scoring title. However, missing the remainder of the regular season raises questions about the 65-game threshold required for most major awards. While the injury is unlikely to be classified as “season-ending” under NBA rules (which consider sidelining a player through at least May 31), his limited games could cost him All-NBA honors and weaken his MVP standing. Betting markets quickly removed him from contention following the diagnosis.

5. History suggests a rushed playoff return carries significant risk. Recent NBA data on Grade 2 hamstring strains shows players often struggle to regain full explosiveness quickly. Returning too soon can lead to re-injury or diminished performance in high-stakes playoff games. If Doncic does suit up for the first round, he would be defying typical recovery patterns for this type of injury. The Lakers must balance the desire for their star’s presence against the long-term health of a player central to the franchise’s future.

The timing could hardly be worse for the Lakers. Doncic had been dominant all season, carrying the offense while James managed his own workload. His absence forces adjustments in offensive schemes, increased minutes for role players and potentially altered defensive strategies. LeBron James called the injury “the last thing you want to see,” especially for an MVP candidate on a contending team.

Fan reaction has been a mix of concern and cautious optimism. Social media buzzed with debates over whether Doncic should attempt a return even at less than 100 percent or if the team should prioritize his long-term health. Some pointed to past examples of stars playing through hamstring issues with mixed results.

Medical experts emphasize that hamstring strains, particularly in explosive athletes like Doncic, require careful management. The muscle group is prone to recurrence if not fully healed, and the high-speed, stop-start nature of NBA basketball amplifies the risk.

For the Lakers, the injury underscores broader roster construction questions. Reliance on star power has defined recent seasons, and the current crisis highlights vulnerabilities when key pieces go down. Depth will be tested in the coming weeks as the team fights for favorable playoff positioning without its Slovenian superstar.

Doncic, 27, has built a reputation for toughness and resilience throughout his career. He has overcome previous injuries, including earlier hamstring and groin issues this season, to deliver elite performances. His work ethic in rehab has been praised by teammates and coaches, providing a sliver of hope that he could factor into the postseason.

As April 12 approaches, updates from Europe and the Lakers’ training facility will be closely monitored. Any sign of accelerated healing could shift playoff narratives, while prolonged recovery might force the Lakers into an underdog role against stronger Western Conference opponents.

The broader NBA landscape feels the ripple effects. A diminished or absent Doncic changes series previews, betting lines and championship odds. Teams like the Thunder, who delivered the blowout in which he was injured, could see improved paths forward.

Doncic’s situation also reignites discussions about NBA scheduling, load management and the 65-game rule for awards. Some argue the compressed season and back-to-back demands increase injury risk for star players carrying heavy minutes.

For now, the focus remains on Doncic’s recovery. He continues daily rehabilitation, with the injection procedure in Spain representing a calculated gamble to compress the timeline. Lakers medical staff will work in tandem with his European team to monitor progress and avoid setbacks.

Whether he returns for the playoffs — and at what level — remains uncertain. What is clear is that the Lakers’ playoff hopes hinge on how effectively they adapt without their generational talent and whether Doncic can defy recovery odds once more.

As the regular season winds down, all eyes turn to Los Angeles for the next injury update on one of the NBA’s most dynamic stars. The 2026 postseason may look very different depending on Luka Doncic’s availability.

AUSTIN, Texas — Elon Musk, the billionaire CEO of Tesla, SpaceX and xAI, posted a rare note of gratitude on X late Sunday, calling it “such an honor to work with so many amazingly talented people.” The comment came in reply to a widely shared video clip of venture capitalist Marc Andreessen praising Musk’s intense, truth-seeking leadership style and comparing it to Steve Jobs’ approach at Apple.

The post, which quickly drew more than 3,700 likes and hundreds of replies within hours, highlights the high-stakes culture Musk has built across his companies as they pursue ambitious goals ranging from Mars colonization to orbital AI data centers. Posted April 12, 2026, it arrived amid fresh developments in Musk’s empire, including Intel’s recent decision to join the Terafab chip-manufacturing project with Tesla, SpaceX and xAI, and ongoing preparations for a potential SpaceX initial public offering valued at up to $1 trillion or more.

In the 96-second video clip that Musk quoted, Andreessen — co-founder of Andreessen Horowitz and a longtime tech investor — described Musk’s management philosophy during what appeared to be a casual pub conversation. “Truth-seeking at all costs,” Andreessen said, gesturing animatedly. He noted that Musk demands the “ground truth” with “zero tolerance for anything else,” confronting bad news “ruthlessly and relentlessly.” Unlike typical startup founders who project forced optimism to retain talent, Musk tells teams bluntly when failure could mean bankruptcy, Andreessen said. That radical transparency, he argued, pushes employees to perform at their absolute limits — much like engineers who worked under Jobs and later reflected that they had done the best work of their careers, even after difficult interactions or abrupt departures.

Musk’s understated reply stood in contrast to his usual rapid-fire, sometimes combative posting style. It resonated with supporters who see his companies as crucibles for world-changing innovation. “The best leaders make people do the best work of their lives. That’s the Elon effect,” one reply read, echoing Andreessen’s point. Others praised the “talent density” Musk attracts, noting that passionate teams outperform larger groups of clock-punchers.

The moment comes as Musk’s intertwined businesses face both soaring valuations and intense scrutiny. SpaceX officially acquired xAI in February 2026 in a deal that created the world’s most valuable private company, with an internal valuation exceeding $1.25 trillion. The merger aims to build data centers in space to power advanced AI, leveraging Starlink satellites for low-latency orbital computing. Tesla, meanwhile, converted a $2 billion investment in xAI into a small equity stake in SpaceX, further blurring lines between the companies. Regulatory filings cleared the move in March.

Just last week, Intel announced it would partner on Musk’s Terafab initiative — a massive chip-fabrication project in Austin, Texas, designed to produce custom silicon for robotics, AI and space applications. The collaboration, announced April 7, underscores Musk’s push for vertical integration in hardware as his ventures scale. Analysts say the project could accelerate Tesla’s robotaxi rollout, SpaceX’s satellite constellation and xAI’s Grok models.

Yet Musk’s leadership style has long drawn criticism as well as admiration. High turnover rates at Tesla and SpaceX have been well-documented, with some former employees describing marathon workweeks, sudden firings and a culture of “existential dread” when deadlines slip. Andreessen acknowledged as much in the clip, noting that the blunt honesty would cause talent to “bleed out” at most companies. Musk has defended the approach, arguing it is necessary for missions that literally involve sending humans to Mars or achieving full self-driving autonomy.

Public reaction to Musk’s Sunday post reflected that divide. Some users called it “humility from the guy who’s literally changing the world,” while others noted the timing, with one quipping it felt “like a leaving speech but he owns the place.” A handful of replies veered into unrelated political debates, consistent with Musk’s own recent activity on X, where he has weighed in on topics including anti-white racism and public shaming of certain behaviors.

The post also arrives as Musk navigates broader challenges. X, the social-media platform he acquired in 2022 and later merged with xAI, underwent restructuring in March, laying off its chief marketing officer and more than 20 nontechnical staffers to streamline operations ahead of the SpaceX IPO. Co-founders at xAI have exited in recent months, and teams have been reorganized, including the “vision” group focused on video generation for Grok.

Despite the pressures, Musk’s companies continue to deliver milestones. SpaceX achieved multiple successful Starship test flights in early 2026, advancing reusable rocket technology critical for lunar and Martian missions. Tesla reported progress on its Cybercab robotaxi, with production slated to begin slowly in April as new manufacturing lines ramp up. xAI, now under the SpaceX umbrella, has poured billions into compute infrastructure, including a reported $20 billion investment in Mississippi for new facilities.

Industry observers say the Andreessen comparison is apt. Jobs was known for his reality-distortion field and insistence on perfection, often driving teams to exhaustion but producing iconic products. Musk, at 54, has similarly bet on talent willing to embrace urgency. “Ten people who think they’re building something historic will outperform 200 who think they have a job,” one X user replied to Musk’s post, capturing the ethos.

Musk has spoken before about the privilege of working with exceptional engineers. In past interviews, he has credited SpaceX’s early survival to a small cadre of rocket scientists who worked around the clock after three failed Falcon 1 launches. Tesla’s Autopilot and Full Self-Driving teams have similarly endured intense scrutiny and iterative redesigns. The pattern repeats at xAI, where Grok’s development has emphasized maximum truth-seeking over political correctness — a stance Musk has repeatedly highlighted.

As SpaceX eyes a public debut later this year or in 2027, with some analysts predicting a $1.75 trillion valuation, investors will scrutinize whether Musk’s culture can scale. Wall Street has historically rewarded the results: Tesla’s market value has fluctuated wildly but remains among the world’s largest automakers by capitalization. SpaceX’s Starlink now serves millions of customers globally, generating steady revenue that subsidizes deeper space exploration.

Musk himself has described his role as more coach than traditional CEO, diving into engineering details at each company weekly. Andreessen has called this “micro-managing at a macro scale,” a trait shared with Jobs. In one recounted story, Musk once ran an 18-hour meeting requiring every employee to present updates in five-minute slots, giving leadership a real-time view of the entire organization without bureaucratic filters.

Critics argue such intensity borders on unsustainable, pointing to burnout reports and occasional lawsuits over workplace conditions. Supporters counter that participants emerge transformed, often crediting Musk with unlocking their highest potential. The Sunday post appears to acknowledge that mutual dynamic: the talent makes the mission possible, and the mission elevates the talent.

Whatever the verdict on his methods, Musk’s latest comment underscores a simple truth in his worldview. In an era of corporate platitudes and performative optimism, unfiltered urgency can forge breakthroughs. As one reply to his post put it, “Generational run.”

With SpaceX preparing for its historic IPO, Tesla pushing autonomous driving frontiers and xAI racing in artificial intelligence, Musk’s empire shows no signs of slowing. His brief expression of gratitude may be modest, but it reflects the human element behind the rockets, robots and algorithms reshaping industries.