WS #11016

The dominant narrative remains the de-escalation-driven tech rally, but this window introduces a major new bullish signal for global trade: Maersk's massive guidance upgrade, raising underlying EBITDA guidance to $8-10bn from $4.5-7.0bn, citing strong container demand and rising spot rates. This is corroborated by multiple sources (GlobeNewswire, Investing.com, Finans.dk, SeekingAlpha) and has positive read-through for shipping and transport stocks. Separately, the Supreme Court blocked Trump's bid to fire Fed Governor Lisa Cook in a 5-4 ruling, preserving Fed independence and countering bearish political interference risk. The Iran situation remains stable/de-escalating, with Iran's foreign ministry stating no talks with the US are expected in the coming days, consistent with the prior frame. On the MAG7 front, AMD shares are trading higher after Cantor Fitzgerald raised its price target from $500 to $700, a bullish signal for the semiconductor space. Owens Corning shares are trading higher on reports of Carlisle Cos. takeover offers, indicating M&A activity in building materials. European stocks are muted as telecoms drop on SpaceX disruption fear, a bearish signal for European telecoms. The yen slipped to a 39-year low against the dollar, pressuring Japanese exporters and raising intervention risks. Overall, the market tone is bullish tech and geopolitical de-escalation, with the Maersk guidance upgrade as the standout new signal.