WS #6752

The dominant signal in this window is the U.S. trade court ruling against Trump's 10% global tariff, corroborated by multiple independent sources (Reuters, Bluesky posts from different users, and a Reddit WSB post). This is a high-significance legal check on trade policy, likely bullish for import-heavy sectors and bearish for domestic producers that benefited from tariff protection. The Iran/Strait of Hormuz conflict continues to escalate with reports of U.S. strikes on Iranian ports and Iranian attacks on U.S. destroyers, but a U.S. official states the ceasefire remains active and Trump downplays the attacks, signaling possible nuclear deal talks. This creates a mixed signal: oil prices are likely to remain elevated but capped by de-escalation hopes. Cloudflare announced a 20% workforce reduction (1,100 employees) as it shifts to AI-driven operations, sending its stock lower after-hours. Rocket Lab reported Q1 results that topped estimates, with shares rising 5.6% after-hours on defense deals and acquisitions. Several other earnings reports are moving stocks: Natera, Amphastar, NuScale, and DXC Technology are down; Tandem Diabetes, Guardant Health, Progyny, and Funko are up. The trade court ruling and Iran escalation are the dominant macro signals, with the tariff ruling potentially offsetting some bearishness from geopolitical risk.