WS #13566

The dominant macro narrative remains the Strait of Hormuz conflict, which is ESCALATING. Iran has threatened Gulf infrastructure (energy/water) if the US strikes, and a senior Saudi source reports credible intelligence of coordinated Houthi-Iraqi-IRGC attacks on the Kingdom. Houthi attacks injured 11 civilians in Saudi Arabia's Najran region. This escalation is pushing oil prices higher and pressuring equities (Dow -0.85%). However, there is a counter-signal: Iran-Oman talks are ongoing, and Brent fell to $79.08 on hopes of a deal, suggesting the market is pricing some de-escalation. The Fed's Musalem made hawkish comments (inflation too high, balance of risks tilted to higher price pressures), which could support the dollar and pressure rate-sensitive sectors. On the trade front, the White House announced a 15% ad valorem tariff on polysilicon derivatives plus minimum import prices (polysilicon $21/kg, ingots/wafers $100/kg, solar cells $0.22/W, modules $0.38/W), effective Dec 4, 2026. This is a significant policy action for solar and semiconductor supply chains. In earnings, several major tech and consumer names reported after hours: Airbnb beat and raised guidance (stock +9%), Atlassian surged 33% on strong RPO, Trade Desk plunged 22% on revenue miss, Doximity soared 70% on guidance, and DoubleVerify is being acquired by Nielsen for $2.15B ($13.60/share). Bitcoin miners MARA and CleanSpark reported double-digit revenue drops. Also, Alphabet is reportedly raising at least $25B in bonds amid AI talent departures, and Apple is facing DRAM shortages ahead of iPhone 18 Pro launch.