WS #13499

The dominant theme remains the Iran-Oman Hormuz shipping-route agreement, now corroborated by BBC, Al Jazeera, and multiple GDELT sources, with Iran confirming the coordinates are agreed and the joint statement in final stages. This is a de-escalation signal that continues to pressure crude prices (WTI fell on hopes of reopening) and supports the Dow's record close, while the Nasdaq fell 0.8% on tech earnings disappointments, notably SpaceX (-13.6%) and AMD (-7%) after Musk said SpaceX will use only Nvidia chips. Gold smashed through $4,200/oz, reflecting persistent safe-haven demand despite the de-escalation. In earnings, several high-profile moves: Duolingo crashed ~12% on soft guidance, HubSpot plunged over 20%, AppLovin cratered 20% on revenue miss, Zillow slid on soft outlook, while SoundHound AI gained 13% on record revenue, IONQ raised guidance, and e.l.f. Beauty beat massively on EPS. Celestica announced a $3B equity offering, sending shares lower. The Fed narrative remains hawkish, but Bessent urged the Fed to expand an obscure facility, and BofA sees yen gaining 6% by end-2026. Overall, the market is bifurcated: Dow and S&P at records on Hormuz hopes, Nasdaq lower on tech earnings disappointments.