WS #13904

The dominant theme remains the US-Iran conflict and Strait of Hormuz closure, which is STABLE but with mixed signals: Iran's new security chief reiterates Hormuz stays closed unless US meets conditions, while Pakistan and Qatar signal progress on Oman-Iran talks. Oil prices are elevated (Brent ~$88.91, WTI ~$83.20) after a choppy session, with new Houthi attacks on shipping (cargo ship in flames in Bab al-Mandeb) and US forces firing on a blockade-runner. This is offset by US Energy Secretary Wright claiming Persian Gulf oil exports near pre-war levels, a counter-signal that dampens the supply-crisis thesis. The market is trading headline-to-headline, with no clear direction. Key developments include Nvidia's $500B AI infrastructure financing deal with major asset managers, which boosted KKR (+6.43%), Apollo (+6.06%), and Brookfield (+4.8%) while NVDA was flat; Super Micro's strong guidance (FY27 revenue $65-72B vs $52.5B est.) sent shares up 7% after hours; and Alphabet's continued slide (-3.84%) on AI culture concerns. The upcoming US CPI report (Wednesday) is the next major catalyst, with expectations for 3.4% YoY, and Fed officials (Goolsbee) flagging inflation as the biggest problem, keeping rate-hike risk alive.