WS #11219

Overnight, a massive Russian missile and drone attack on Kyiv killed at least 5 and injured 34, escalating the Ukraine conflict. This is a significant escalation from the previous stable narrative. Separately, US-Iran talks in Doha concluded with 'positive progress' but no breakthrough on the Strait of Hormuz, while oil prices continue to slide (Brent at $71) as Trump claims record shipping through the strait. In tech, Apple plans to launch 5 new iPhone models including a foldable, aiming to gain market share amid a memory crunch. Meta's cloud business announcement caused a rotation out of chip stocks, with South Korea's KOSPI tumbling 6.25% and the Philadelphia Semiconductor Index dropping 6.3%. OpenAI's more efficient model raised fears of reduced hardware demand, hitting NVDA, AMD, and INTC. The Dow Jones hit a record high, contrasting with the Nasdaq's decline, as Fed Chair Warsh's dovish comments boosted gold and eased rate hike fears. The US jobs report is the next major catalyst.