WS #8933

From 500 msgs · 10 key-dev

The dominant macro narrative remains risk-off driven by rising oil prices and hawkish Fed commentary, but this window introduces several counter-signals. Trump made multiple statements on Iran: he said Iran is 'close to a deal' and talks could yield results 'over the weekend,' while also stating he wants to get Iran's enriched uranium 'at some time not too distant future.' These comments, combined with reports of fresh US-Iran clashes and Kuwait driving a 70% recovery in Strait of Hormuz traffic, create a mixed picture for oil. The Strait of Hormuz disruption continues to shape energy markets, with Polymarket contracts showing active trading on normalization timelines. Ukrainian drone strikes on a St. Petersburg oil terminal add further supply-side pressure. On the earnings front, Broadcom (AVGO) reported Q2 results that beat estimates (Non-GAAP EPS $2.44 vs $2.32, revenue $22.19B vs $22.10B) with AI semiconductor revenue surging 143% YoY and guiding to a 50% QoQ increase, yet the stock slipped on the revenue miss narrative from CNBC. CrowdStrike (CRWD) beat and raised guidance but shares traded lower, dragging Palo Alto Networks (PANW) down in sympathy. Costco (COST) reported strong May sales (+14.5% YoY) with US comp ex gas +8.7%, signaling resilient consumer spending. C3.ai (AI) Q4 revenue plunged 53% but beat estimates and guided FY27 above street, sending shares higher. Veeva Systems (VEEV) and Five Below (FIVE) also beat estimates. PVH Corp reported in-line revenue but guided FY26 EPS below estimates, sending shares lower. The S&P 500's nine-day winning streak ended, as reported by Bloomberg. Trump stripped job protections from 8,000 federal workers via executive order. The UK's CMA ordered Google to provide clearer links in AI search and allow publishers to opt out, a regulatory headwind for GOOGL. A large dark pool order of 2.46M GOOGL shares ($882M) was detected, suggesting institutional activity. Grayscale amended its BNB ETF filing, a positive for crypto sentiment. Bitcoin traded around $65K, with Polymarket contracts showing active short-term trading.

Key developments

  • Trump says Iran close to deal, talks could yield result 'over the weekend'
  • Fresh US-Iran clashes overnight; Kuwait drives 70% recovery in Strait of Hormuz traffic
  • Broadcom Q2 beats estimates but stock slips; AI revenue surges 143% YoY, guides 50% QoQ increase
  • CrowdStrike beats and raises guidance but shares fall; drags Palo Alto Networks lower
  • Costco reports strong May sales: +14.5% YoY, US comp ex gas +8.7%
  • UK CMA orders Google to improve AI search attribution and allow publisher opt-out
  • Ukrainian drones hit oil terminal and naval base in Saint Petersburg
  • Trump strips job protections from 8,000 federal workers