WS #7146

The dominant macro narrative remains the Middle East escalation and oil supply disruption, which continues to ESCALATE. US intelligence assesses Iran has restored operational access to 30 of 33 missile sites along the Strait of Hormuz, with ~90% of underground sites partially or fully operational (NYT, Al Jazeera). This directly threatens the key oil chokepoint, reinforcing the bullish oil thesis and bearish risk-on sentiment. Trump downplays US-Iran differences as he heads to Beijing to meet Xi, but US officials are pressing China to help reopen the Strait of Hormuz. A US appeals court temporarily paused a lower court decision blocking Trump's 10% global tariff, adding uncertainty to trade policy. The FDA chief resigned after Trump forced approval of fruit-flavored e-cigarettes, marking the fourth high-profile departure from the administration. On the corporate side, JPMorgan filed to launch a tokenized money-market fund on Ethereum, following BlackRock's similar move, accelerating the Wall Street tokenization trend. Anthropic is reportedly in talks to raise $30B at a $900B valuation, a massive AI funding round signaling continued investor appetite for AI infrastructure. Bel Fuse launched a 1.3M share Class B stock offering. AEP shares fell 3% on a $2.6B equity offering plan. Mirum Pharmaceuticals fell 2% after announcing a $600M bond offering. Red Cat Holdings fell 9% after announcing a $200M stock offering. FCC approved EchoStar's $40B spectrum sale to SpaceX and AT&T. Franco-Nevada reported record Q1 results, beating estimates. Constellation Software Q1 revenue beat by $40M. Algoma Steel reported financial results with EAF transition complete. CBO estimates Trump's Golden Dome missile defense system could cost $1.2T over 20 years, far above the Pentagon's $185B projection. Saudi Crown Prince and UAE President discussed regional developments and security efforts. The Missouri Supreme Court sided with a redistricting map that weakens Black political power. A US Air Force T-38 Talon II jet crashed in Mississippi, both pilots ejected safely. The narrative arc is ESCALATING on the Iran/Strait of Hormuz front, with new intelligence confirming missile site operational status, while the FDA resignation and tariff court pause add political noise.