WS #8727

The dominant narrative is a sharp escalation in the US-Iran conflict. Multiple sources (CNBC, Tasnim, multiple social media accounts) confirm that Iran has suspended all negotiations with the US and vowed to 'completely' block the Strait of Hormuz, also threatening the Bab el-Mandeb strait. This is a significant escalation from the previous 'ceasefire violation concerns' and represents a clear move toward a blockade. WTI crude oil surged 5% to $91.75 per barrel, and the USO oil ETF had its best day since April 29 (+4.8%). The Dow, S&P 500, and Nasdaq opened lower on this news. Separately, Strategy (MSTR) sold 32 BTC for $2.5 million, its first sale since 2022, causing Bitcoin to dump to $72,000 and MSTR shares to fall over 6% pre-market. This counters the previous 'never sell' strategy and adds to crypto weakness. On the tech side, Nvidia's Computex 2026 announcement of the NIX processor for Windows PCs and a full AI chip roadmap sparked a software rally, with MSFT, NOW, ADBE, and ARM all jumping, while INTC and AMD fell. IBM rallied on a recirculated Trump clip and quantum funding chatter. The Iran escalation is the primary market-moving factor, with oil and geopolitical risk dominating.