WS #5755

The Strait of Hormuz crisis is escalating sharply, with Iranian officials calling for seizing foreign ships and closing the Bab el-Mandeb strait, while the US military has boarded and seized another ship in international waters. This corroborates and intensifies the previous window's narrative, now with direct calls for blockade. Separately, Microsoft is offering its first-ever voluntary employee buyout program, a significant shift in its cost structure. The EU formally approved a €90bn Ukraine loan and 20th sanctions package against Russia, which may have second-order effects on energy markets. DigitalBridge stockholders approved acquisition by SoftBank, a high-significance M&A event. ServiceNow's stock is sinking toward its worst day ever, dragging software sector ETFs down. Tesla shares continue to fall post-earnings, with technicals signaling further downside. Lululemon remains under pressure. Dark pool alerts show large institutional buying in VOO ($264M) and LQD ($142.88M from prior window), suggesting institutional rotation into bonds and broad market ETFs.