WS #11605

The dominant narrative remains the Strait of Hormuz escalation, with new attacks on tankers confirmed by UKMTO and multiple sources. A second tanker was struck by a UAV, and an LNG tanker is reported burning after a drone attack, driving natural gas prices up. Oil prices are rising ~2.5% on Brent. This is an escalation of the previous situation. Separately, Ukraine struck Russia's largest oil refinery in Omsk, halting production, which exacerbates Russian fuel supply issues. On the tech side, semiconductor stocks are tumbling on Samsung's preliminary results and DeepSeek's own AI chip development, pressuring NVDA and other chip names. The NY Fed survey showed inflation expectations rising (year-ahead 3.7% vs 3.5%, three-year 3.3% vs 3.1%), which is bearish for growth stocks. SpaceX entered the Nasdaq 100 but is down ~5% on the day. Microsoft announced 4,800 layoffs, mostly in Xbox. A bullish whale trade on MSFT was detected. The SEC is set to propose a crypto rule (Reg Crypto) this month, which is positive for crypto. Denmark's PM stated Greenland is not for sale. Nigel Farage resigned as MP, triggering a by-election. The IOC provisionally cleared Russia for 2028 Olympics.