WS #6760

The US-Iran military confrontation in the Strait of Hormuz remains the dominant market narrative, with multiple sources confirming exchanges of fire. CENTCOM reported that US Navy destroyers transited the strait under fire, sustaining no damage, and US forces conducted self-defense strikes on Iranian military facilities. Trump described the strikes as a 'love tap' and stated a ceasefire remains in effect, but Iran claims missile strikes on US vessels and accuses the US of violating the ceasefire. The situation is fluid and ESCALATING, with videos showing interceptions over Tehran. This sustains the risk of oil supply disruption through the Strait of Hormuz, supporting energy prices and pressuring risk assets. Separately, a US trade court struck down Trump's 10% global tariff as illegal, marking the second court rejection of his tariff authority. This is a positive signal for importers and could boost consumer discretionary and retail stocks. In corporate news, IREN secured a $3.4B AI cloud contract with NVIDIA, a strong positive for AI infrastructure. Corning CEO revealed that deals with two unnamed hyperscalers are larger than the $6B Meta pact, reinforcing the AI infrastructure buildout theme. CoreWeave (CRWV) fell 9% after-hours on weak Q1 results and guidance, a negative for the AI cloud sector. The macro narrative is dominated by geopolitical risk, with the tariff ruling providing a partial offset.