{"id":72519,"date":"2026-10-02T10:08:18","date_gmt":"2026-10-02T14:08:18","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/necs-hassett-cites-strong-economy-as-navy-reopens-strait-of-hormuz-ford-sales-slip-6-6\/72519\/"},"modified":"2026-10-02T10:08:18","modified_gmt":"2026-10-02T14:08:18","slug":"necs-hassett-cites-strong-economy-as-navy-reopens-strait-of-hormuz-ford-sales-slip-6-6","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/necs-hassett-cites-strong-economy-as-navy-reopens-strait-of-hormuz-ford-sales-slip-6-6\/72519\/","title":{"rendered":"NEC&#8217;s Hassett Cites Strong Economy as Navy Reopens Strait of Hormuz; Ford Sales Slip 6.6%"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. Navy reopens the Strait of Hormuz<\/strong>, allowing <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> to flow freely again; NEC Director Kevin Hassett notes only Iranian oil remains restricted.<\/li>\n<li><strong>Ford Motor Company (<a href=\"\/stock\/F\">$F<\/a>) reports a 6.6% decline in Q3 U.S. sales<\/strong>, totaling 509,764 units, as EV sales plummeted 80.2% year-over-year.<\/li>\n<li><strong>President Trump expected to name Jay Clayton as &quot;AI Czar&quot;<\/strong> as soon as Friday, according to CNN, to oversee national security and economic strategy for artificial intelligence.<\/li>\n<li><strong>White House pressures G7 allies to release diesel stockpiles<\/strong> to combat record-high prices; France proposes a 50-million-barrel release to avoid a potential U.S. export ban.<\/li>\n<li><strong>NEC&#39;s Kevin Hassett defends the latest jobs report<\/strong>, stating the economy remains robust with GDP hovering around 4%, despite &quot;unacceptably high&quot; interest payments on national debt.<\/li>\n<\/ul>\n<h2>Market Overview and Energy Crisis<\/h2>\n<p>U.S. equity markets opened higher on Friday, with the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> gaining 334.38 points (0.66%) to 51,260.94, led by gains in <strong>Caterpillar (<a href=\"\/stock\/CAT\">$CAT<\/a>)<\/strong> and <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">$NVDA<\/a>)<\/strong>. The <strong>Nasdaq<\/strong> and <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a><\/strong> also saw robust gains of 1.26% and 0.88%, respectively. Market optimism follows news from National Economic Council (NEC) Director <strong>Kevin Hassett<\/strong> that the <strong>U.S. Navy has successfully reopened the Strait of Hormuz<\/strong>, a critical maritime artery, allowing crude oil shipments to resume. Hassett clarified that while global supplies are moving, <strong>Iranian oil<\/strong> remains the only major flow currently blocked.<\/p>\n<p>The energy sector remains in focus as <strong>President Trump<\/strong> and French President <strong>Emmanuel Macron<\/strong> held emergency talks regarding a global &quot;energy crunch.&quot; The U.S. is reportedly pressuring European allies to release emergency diesel inventories to stabilize record-high prices. Hassett expressed optimism that a deal with Europe could have a &quot;massive impact&quot; on fuel costs. Meanwhile, the administration is weighing a potential <strong>diesel export ban<\/strong> to protect domestic supply, a move European leaders are urging the U.S. to avoid in favor of coordinated stockpile releases.<\/p>\n<h2>Corporate Earnings and Economic Data<\/h2>\n<p><strong>Ford Motor Company (<a href=\"\/stock\/F\">$F<\/a>)<\/strong> released its Q3 sales data, showing a <strong>6.6% year-over-year decline<\/strong> in total U.S. vehicle sales. The drop was driven by a staggering <strong>80.2% fall in electric vehicle (EV) sales<\/strong>, which totaled just 6,047 units. <strong>Hybrid sales<\/strong> also dipped 19.7%. Despite these figures, Ford maintained that a late-September supplier issue affecting <strong>F-150 production<\/strong> is manageable and will not impact its full-year adjusted EBIT guidance of <strong>$10 billion to $11 billion<\/strong>.<\/p>\n<p>On the macroeconomic front, Hassett stated that the latest <strong>jobs report met expectations<\/strong>, despite a decline in government employment. He attributed rising bond yields to a &quot;robust economy&quot; and noted that <strong>GDP continues to hover around 4%<\/strong>. However, Hassett acknowledged that current <strong>interest payments on national debt<\/strong> are &quot;unacceptably high&quot; and reiterated that the administration does not intend to &quot;inflate its way out of debt,&quot; emphasizing a commitment to deficit reduction.<\/p>\n<h2>Policy and Leadership<\/h2>\n<p>In a significant move for the technology sector, <strong>President Trump<\/strong> is expected to name <strong>Jay Clayton<\/strong>, the current Director of National Intelligence and former SEC Chairman, as the nation&#39;s <strong>&quot;AI Czar.&quot;<\/strong> The announcement could come as early as Friday. Clayton would be tasked with streamlining the federal approach to &quot;super intelligence,&quot; which the administration has characterized as a primary national security issue.<\/p>\n<p>Hassett also addressed the future of the <strong>Federal Reserve<\/strong>, noting that it is &quot;not up to the White House&quot; whether <strong>Jerome Powell<\/strong> stays or goes, emphasizing that the decision rests with the Fed Chair himself. He described the current dynamic between Powell and <strong>Kevin Warsh<\/strong> as &quot;unusual&quot; but indicated the administration would respect the central bank&#39;s independence while continuing to advocate for lower mortgage rates to support the housing market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Navy reopens the Strait of Hormuz, allowing crude oil to flow freely again; NEC Director Kevin Hassett 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