WS #6807

The dominant macro theme remains the US-Iran conflict in the Strait of Hormuz, which is ESCALATING. The US struck two empty Iranian oil tankers (SmartNews, Bluesky, Guardian), while the US awaits Iran's response to a ceasefire proposal (Rubio, Guardian). Ukraine continues to strike Russian oil infrastructure (Yaroslavl refinery, Perm refinery), countering US requests to keep oil prices under control. The S&P 500 hit a new all-time high above 7,400 (Bluesky), supported by strong jobs data and tech strength. A major development is the WSJ-reported preliminary chip-making agreement between Apple and Intel, which sent Taiwan Semiconductor shares lower and is bullish for Intel and Apple. Jane Street reported record $16.1B Q1 trading revenue (Bloomberg, Bluesky), confirming strong institutional activity. Warner Music Group beat Q2 estimates with strong streaming growth (Benzinga). Moderna stock surged on hantavirus vaccine research confirmation (Investing.com). Ginkgo Bioworks slumped 14% on FY26 cash burn guidance (Seeking Alpha). The UK local elections show Reform UK gains, with Welsh Labour leader losing her seat (BBC, Bluesky). The Virginia Supreme Court struck down a redistricting referendum (Substack, Bluesky). The Pentagon released first batch of declassified UFO files (Guardian).