WS #12647
The US-Iran conflict continues to escalate, with the US launching new strikes on Iran and Iran retaliating against US targets in the Gulf. Iran has rejected a US ceasefire proposal conveyed by Iraq, and Houthi attacks on Saudi tankers in the Red Sea have pushed Brent crude above $100/bbl before retreating to ~$97.67. Only one oil tanker transited the Strait of Hormuz on Thursday, the lowest since May 7, signaling severe disruption. The narrative arc is ESCALATING, with no counter-signals. Separately, the US imposed new tariffs of 10-12.5% on 60 economies, effective as prior stopgap levies expired, drawing objections from allies. The S&P 500 forward P/E fell below 20x. In corporate news, Intel reported strong AI-driven revenue growth (+25% to $16.1B) but the stock failed to hold gains; Amkor announced a $1.5B partnership with Nvidia; BlackRock kicked off a $12.3B bond sale for a Meta data center; Verizon signed a $1B dark fiber deal with Google; and Charter lost 172k internet subscribers, sending shares lower. The Russian Central Bank cut rates to 14% but warned of higher inflation. Bitcoin ETFs saw $225M outflow, ending a $1B inflow run. Options flow showed a $42M long-dated put sweep on META, signaling strong downside conviction.
Topics
Key developments
- US launches new strikes on Iran; Iran rejects ceasefire proposal; Houthis attack Saudi tankers in Red Sea
- US imposes 10-12.5% tariffs on 60 economies, effective immediately as prior levies expire
- META sees $42M long-dated put sweep (Jan 2028 1020 strike), signaling strong downside conviction
- Intel Q1 revenue up 25% to $16.1B on AI strength, but foundry loss weighs; stock fails to hold gains
- Amkor announces $1.5B partnership with Nvidia for AI chip packaging
- BlackRock kicks off $12.3B bond sale for Meta data center
- Verizon signs $1B dark fiber deal with Google for data center infrastructure
- Charter loses 172k internet subscribers in Q2, fourth consecutive revenue decline