WS #6751

Multiple high-signal developments emerged in this window. First, a U.S. trade court has ruled against Trump's 10% global tariff, finding the administration overstepped its authority. This is corroborated by at least three independent sources (Bluesky posts from different users) and represents a significant legal check on trade policy, likely bullish for import-heavy sectors and bearish for domestic producers that benefited from tariff protection. Second, the Iran/Strait of Hormuz conflict is escalating: Iranian forces are reported to have attacked U.S. destroyers in the Sea of Oman, with explosions heard in Tehran, Bandar Abbas, and Minab. Iran's top military command stated the U.S. violated the ceasefire by targeting an Iranian oil tanker. However, Trump downplayed the attacks and signaled possible nuclear deal talks, creating a mixed signal. This escalation is bearish for equities broadly (SPY, QQQ) and bullish for oil (XOM, CVX) and defense (LMT, RTX), but Trump's de-escalation signal could cap oil gains. Third, earnings season continues with notable beats and misses: Coinbase (COIN) missed Q1 estimates, slumping 3.8% after-hours; Cloudflare (NET) stock dived on Q1 earnings; Wheaton Precious Metals (WPM) beat estimates; Rocket Lab (RKLB) shares rose on better-than-expected Q1 sales and a $30M contract. The trade court ruling and Iran escalation are the dominant macro signals, with the tariff ruling potentially offsetting some bearishness from geopolitical risk.