WS #11029

The dominant signal in this window is the escalating Strait of Hormuz crisis, with a shipping giant warning the chaos is the 'new normal' and an unidentified projectile striking an oil tanker crossing the strait. This is corroborated by multiple sources (Marine Insight, replaye.com, and Polymarket trades on Strait of Hormuz traffic). The incident directly threatens oil supply routes, supporting crude prices and benefiting US energy stocks (XOM, CVX, XLE) while pressuring shipping and airline stocks. Separately, the Supreme Court's Slaughter ruling, which allows the president to fire leaders of independent agencies, is being framed by legal analysts as a major expansion of presidential power, with Trump calling it the 'greatest increase in presidential power in 100 years.' This could have broad implications for regulatory agencies (SEC, CFTC) and is being discussed across multiple outlets (NYT, Bloomberg, Bluesky). The ruling also directly impacts crypto regulation, as noted by Decrypt. Additionally, Jana Partners is pushing for a sale of Alkami Technology (ALKT), a fintech, which is a positive catalyst for that stock. The housing bill is now on Trump's desk, but he stated he doesn't know his plans, creating uncertainty. The prevailing macro theme is the Strait of Hormuz escalation, which is ESCALATING. The semiconductor insider selling theme from the previous window is stable but not refuted; the SMCI Taiwan raid story is carried forward as it remains unresolved.