First Came the TACO Trade. Now It’s the NACHO.

A.M. Edition for May 12. With the U.S. and Iran still far apart on a peace deal, WSJ reporter Caitlin McCabe says investors are embracing a new Tex-Mex-inspired trade based on the assumption the Strait of Hormuz won’t be opening anytime soon. Plus, British Prime Minister Keir Starmer fights for his job as a rebellion against him spills into markets. And Democrats face another setback in the midterm redistricting fight. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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First Came the TACO Trade. Now It’s the NACHO. is an episode from WSJ What’s News by The Wall Street Journal.

This episode is 12:25 long.

This episode was published on May 12, 2026.

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