WS #10731

The dominant signal in this window is a de-escalation in the Strait of Hormuz crisis. Multiple sources report that tanker traffic has resumed and oil prices have fallen back to pre-Iran-war levels, with Brent around $72/barrel. This directly counters the previous narrative of escalating geopolitical risk from the Iran vessel strike. Separately, a major Asia tech rout is underway: SoftBank plunged 11%, dragging down SK Hynix, Samsung, Advantest, and Tokyo Electron, following Apple's price hikes on MacBook/iPad and Microsoft's Xbox price increases. The selloff is attributed to rising AI infrastructure costs and component price inflation. On the macro front, gold steadied near $4,000 as US inflation data tempered rate hike expectations. FedEx Freight issued positive guidance ($605M-$645M adjusted operating income), a bullish signal for the logistics sector. The Venezuela earthquake death toll has reached 235, but this is a humanitarian story with limited direct US market impact. The Epstein Files legal development (Katie Phang lawsuit) is ongoing but lacks new data in this window.