WS #6848

The dominant signal in this window is the US Court of International Trade ruling that Trump's 10% global tariffs are unlawful, a high-significance development that counters the prevailing trade war thesis. This ruling, covered by multiple sources (GDELT, UPI, Epoch Times), could unwind tariff-related inflation pressures and benefit import-heavy sectors. Separately, the Pentagon released video of strikes on Iranian oil tankers in the Strait of Hormuz, escalating the Iran conflict and keeping oil prices elevated. The Senate Banking Committee set a May 14 markup for major crypto legislation, a positive signal for crypto markets. On the earnings front, Trump Media (DJT) reported a massive $405.9M loss, and Primoris Services (PRIM) cratered 50% on renewables issues. The US jobs report beat expectations (115K vs ~60K est.), supporting the S&P 500's record run. The prevailing macro narrative is stable: the tariff ruling is a counter-signal to trade war fears, while the Iran conflict remains escalated but contained.