WS #5782

The dominant signal in this window is the escalating Iran-Israel conflict, with President Trump stating that U.S. vessels are fully armed and prepared for action, warning Iran has only days before potential military engagement. Trump also claimed total control of the Strait of Hormuz, stating it will remain closed until a deal is reached. This is corroborated by multiple sources (Bluesky, Reuters) and is driving oil prices sharply higher. Separately, Intel reported a massive Q1 earnings beat (Non-GAAP EPS $0.29 vs $0.01 estimate, revenue $13.58B vs $12.43B) and issued Q2 guidance above estimates (revenue $13.8B-$14.8B vs $13.06B consensus), sending shares up 15% in after-hours. The Intel CFO also mentioned that details of Intel's deal with Tesla are still being worked between CEOs. On the macro front, Meta is reportedly laying off 8,000 employees as part of an AI efficiency push. The Iran conflict escalation remains the highest-significance development, with broad market implications for energy, airlines, and defense.