Iran Peace Proposal Sinks Oil, Trump Threatens EU Auto Tariffs, & Spirit Airlines Collapses

1. Iran has submitted a new negotiation proposal to the U.S., causing Brent crude oil prices to drop by $2/barrel and prompting a positive reaction from stock market futures.
2. President Trump threatened to raise tariffs on cars and trucks from the European Union to 25%, causing U.S. stock indexes to pare some of their gains.
3. Spirit Airlines shares plummeted over 70% following reports it is preparing to shut down as its rescue deal collapsed, while competitors like Frontier and JetBlue saw their stocks rise sharply.