WS #7886

The data window shows a mix of geopolitical, macro, and corporate developments. Key signals include: (1) Trump stated he discussed AI safeguards with China's Xi and postponed an AI executive order, indicating ongoing US-China tech policy friction. (2) Trump also said the US does not want tolls on the Strait of Hormuz, a de-escalatory signal on the Iran oil disruption narrative, which could dampen oil price spikes. (3) Moody's downgraded Mexico's credit rating to lowest investment grade, a negative for Mexican assets and potentially for US-exposed firms. (4) Nvidia's post-earnings stock dip persists despite strong results, with analysts raising targets; the stock's muted reaction suggests sentiment issues. (5) Walmart shares fell after Q1 results and weak guidance, signaling consumer weakness. (6) Russia and Belarus conducted joint nuclear exercises, a geopolitical escalation. (7) Mortgage rates jumped to 6.51%, the highest since the Iran war started, pressuring housing and consumer sectors. (8) SpaceX's IPO filing highlights a $26.5 trillion TAM, positioning as an AI play, which could boost space/AI stocks. (9) European space stocks rallied on SpaceX IPO filing. (10) UK Chancellor Reeves announced VAT cuts for theme parks and children's meals, a fiscal stimulus signal. The dominant themes are oil/geopolitics (Strait of Hormuz de-escalation vs. Russia nuclear drills) and tech (Nvidia earnings, SpaceX IPO). The Iran ceasefire narrative appears stable with Trump's Hormuz comment acting as a counter-signal to oil bullishness.