WS #13501

The dominant theme remains the Iran-Oman Hormuz de-escalation, which is STABLE but with fresh confirmation: multiple sources (AP, WSJ, Reuters, Axios) report a draft agreement is finalized and awaiting Khamenei's approval, with a 50-50 chance of a deal by Friday. This is a counter-signal to the bearish oil-supply thesis, driving WTI down 0.73% to $75.22 and Brent to $79.64. However, Houthi attacks on two Saudi oil tankers (Wafa and Daisy) in the Red Sea and Gulf of Aden introduce a new supply-side risk, partially offsetting the Hormuz optimism. In earnings, several high-profile tech names disappointed after hours: Western Digital (WDC) fell >10% on weak Q1 guidance, Sandisk (SNDK) slid 5% on revenue guidance, AppLovin (APP) tanked ~18% on Q3 EBITDA guidance miss, and Salesforce (CRM) dropped 4% on COO appointment. Conversely, e.l.f. Beauty (ELF) crushed Q1 with EPS $1.75 vs $0.72 est and raised guidance, while Arista Networks (ANET) beat and rose 3.9%. Alphabet (GOOGL) fell 4-5.5% intraday on AI leadership reorganization (Jeff Dean departure), erasing ~$240B in market cap. Fed Governor Cook signaled readiness to hike rates if inflation doesn't slow, adding hawkish pressure. Brazil's central bank cut rates 25bps to 14.00% as expected. SpaceX's first earnings as public company disappointed on AI capex, dragging Nasdaq; Dow hit record high. Bitcoin held ~$64,000 with first US spot ETF closure (Hashdex).