WS #10686

The dominant signal in this window is the escalation of Strait of Hormuz tensions, with Iran proposing fees for ship passage and a vessel reportedly struck by the IRGC Navy off Oman. This is partially offset by traffic recovering to 60% of pre-conflict levels, but the fee proposal and new attack introduce fresh upside risk to oil prices and shipping costs. Separately, the Supreme Court's TPS ruling for Haitians and Syrians is a high-significance immigration development but has limited direct market impact. On the positive side, the AI-memory trade continues to strengthen: Wells Fargo raised its MU price target to $1525, RBC Capital to $1500, and a 2x DRAM ETF launched. Asian markets surged on Micron's momentum. However, Apple iPhone sell-in to China declined 19% YoY per UBS, a bearish signal for AAPL. The Dallas Fed trimmed mean PCE rose to +2.8% annualized, indicating sticky inflation. US airline stocks erased pandemic-era losses as oil prices eased, a bullish signal for airlines. Finally, a federal judge halted Trump's election executive order, a political development with limited market impact.