WS #8765

The dominant narrative remains the Iran Strait of Hormuz escalation, with multiple sources confirming Iran has ended diplomatic communications with the US and the Strait remains effectively closed. Vessel traffic is still more than 90% below normal levels, and oil prices have surged over 5% (WTI +5.61%, Brent +4.40%). However, a potential counter-signal emerged late in the window: a report that Trump says Iran talks are back on, which could de-escalate the crisis. This is corroborated by a Polymarket question on Strait of Hormuz traffic returning to normal by June 15. The narrative arc is STABLE with a potential DE-ESCALATION signal. Separately, Russia has banned jet fuel exports after record refinery attacks, adding to global energy supply concerns. In corporate news, Hewlett Packard Enterprise (HPE) reported a massive earnings beat (adj. EPS $0.79 vs $0.53 est., revenue $10.678B vs $9.791B est.) with strong AI-driven guidance, sending shares higher. Credo Technology Group (CRDO) also beat estimates and guided above consensus. Florida sued OpenAI and Sam Altman in a first-of-its-kind lawsuit linking ChatGPT to violent incidents, which could pressure AI sentiment. The S&P 500 hit a record high with a 10-week win streak, but this is likely stale news from earlier in the session. The MAG7 narrative is mixed: NVDA saw positive commentary, while META showed unexplained weakness.