WS #6809

The dominant signal in this window is the confirmed Apple-Intel chip-making deal, reported by WSJ and corroborated by multiple sources (Investing.com, Seeking Alpha, Bluesky, Reddit). Intel shares surged over 15% on the news, while Taiwan Semiconductor (TSM) traded lower on fears of losing Apple business. This is a high-significance development for the semiconductor sector, bullish for INTC and AAPL, bearish for TSM. The Strait of Hormuz situation remains escalated: Iran made passage restrictions permanent, Fitch reiterated $100-110/bbl Brent forecasts if closed, and the US struck Iranian oil tankers again. However, the US is awaiting Iran's response to a peace proposal (Rubio), and the EU/IATA guidance on US-grade jet fuel provides a counter-signal to airline bearishness. UK local elections show Reform UK surging, Labour losing ground, but this is a UK political story with limited direct US market impact. Other notable items: Trump mentioned Dell in a press conference (DELL up), Citi's Fraser sees Iran war leading to 'protracted' inflation, and Micron's market cap surpassed JPMorgan. The Apple-Intel deal is the most actionable catalyst for US equities in the next 1-8 hours.