WS #10589

The dominant signal in this window is the continued de-escalation of the Strait of Hormuz crisis, with President Trump stating Iran has assured no tolls or charges for ships, directly countering the bearish energy thesis. This is corroborated by CNBC and Alpaca News, and aligns with earlier reports of ships crossing under a UN scheme. Separately, the US Senate approved an Iran war powers resolution with bipartisan support, adding a geopolitical layer. In corporate news, SK Hynix plans a $29 billion Nasdaq listing, a major capital markets event for the semiconductor sector. Oracle cut 21,000 jobs (13% headcount) to redirect spending to AI, a significant restructuring signal. Hertz slides 24% premarket on a $100M stock offering and $300M bond sale, while FuelCell Energy surges 16% on a 380 MW data center power deal. Absci surges on Eli Lilly investment and positive Phase 1 data. The narrative arc for Hormuz is DE-ESCALATING, while the Israel-Lebanon situation remains ESCALATING.