WS #5863

The data dump shows continued bullish momentum in semiconductors, with the SOXX notching a record 17-day win streak and Nvidia jumping 5% on Friday. This is corroborated by Morgan Stanley's Wilson stating strong earnings make valuations 'totally fine'. On the geopolitical front, the Trump administration extended the Jones Act waiver by 90 days to dampen oil prices, and Trump says Iran plans to make an offer to resolve US demands, reinforcing the de-escalation narrative. A federal appeals court ruled Trump cannot unilaterally shut the southern border, which may have political implications but limited market impact. The UK assisted dying bill failed, but this is non-market. Ford reportedly walked away from a US joint venture with Geely due to political risk. Overall, the market is driven by tech/earnings momentum and Iran de-escalation, with oil-related stocks facing headwinds from the Jones Act waiver.