WS #14019

The dominant theme remains Middle East tensions, but the window shows a notable counter-signal: oil prices dropped sharply ($3 to ~$80.15 WTI) despite ongoing Hormuz disruption and Iran's reaffirmation of control, driven by demand concerns (OPEC/IEA cuts, large US inventory build). This is a de-escalation in oil price pressure, though geopolitical rhetoric remains elevated. The Workday-Silver Lake buyout story is confirmed by multiple sources (Reuters, CNBC, Bloomberg), with shares up 25% and halted, and it is fueling a rally in SaaS peers (DOCU, ASAN, HUBS). Anthropic's IPO is progressing with a potential $2 trillion valuation, and OpenAI is also reportedly targeting a $1 trillion IPO, adding to AI IPO hype. The Fed's Barkin and Hammack comments on potential rate hikes are notable, with Hammack advocating an immediate increase, which could pressure growth stocks. Cisco's 9% drop despite an earnings beat highlights profit-taking in AI beneficiaries. Tether's first clean audit from KPMG is a positive for crypto sentiment. The Trump administration's new tariff report on transshipment and the court upholding de minimis tariff authority could impact trade-sensitive names.