WS #6608

The dominant signal in this window is the rapid de-escalation of the Strait of Hormuz crisis. President Trump announced a pause to 'Project Freedom' (the US military escort operation) citing progress toward a deal with Iran, confirmed by multiple sources (Bluesky, Alpaca, CNBC). This drove oil prices lower (WTI -2% to $100.13, Brent $109.87) and lifted equity futures (S&P 500 +0.2%, Nasdaq +0.6%). However, Iran simultaneously claimed warning shots at a US warship and struck a cargo ship, creating a mixed picture. Separately, AMD reported strong Q1 earnings (EPS $1.37 vs est., revenue $10.25B, data center up 57%), sending stock to $407+ after hours. Super Micro Computer's Q3 earnings call transcript was released, following strong Q4 guidance. Strategy (MSTR) signaled potential bitcoin sales to fund dividends, causing a 3% after-hours drop and bitcoin slipping below $81,000. The Iran situation remains fragile but the pause is a clear counter-signal to the bearish oil thesis, while tech earnings provide a bullish undercurrent.