WS #5839

The dominant signal in this window is the DOJ dropping its criminal probe into Fed Chair Jerome Powell, which removes a key hurdle to Kevin Warsh's confirmation as Fed chair. This development is corroborated by multiple sources (BBC, Bloomberg, NBC, Seeking Alpha, and several social media posts). The White House has expressed confidence that the Senate will swiftly confirm Warsh. This move is expected to pave the way for a leadership transition at the Fed, with significant implications for monetary policy. Additionally, AMD shares surged 12% on no company news, driven by Intel's strong quarter, indicating a positive read-through for the semiconductor sector. Intel itself is seeing strong momentum, with Jim Cramer calling for a 'buy' rating on the stock. The Strait of Hormuz blockage continues to reshape oil flows, with Saudi Arabia relying on its East-West pipeline, and Iran warning that the strait will remain blocked until frozen assets are released. This keeps upward pressure on oil prices and benefits energy stocks while hurting airlines and shipping. Consumer sentiment hit a record low per Bloomberg, though the Michigan sentiment final came in slightly above forecast. Layoffs are spreading beyond tech to transportation and media, per Indeed economist. The Warner Bros.-Paramount merger is progressing with shareholder approval, though regulatory hurdles remain.