WS #8848

The data window shows a market in rotation, with Big Tech diverging sharply. Microsoft (MSFT) is down 4% despite launching new AI models and a quantum chip breakthrough, while Apple (AAPL) gains 2.8% and Caterpillar (CAT) surges 5%. The Russell 2000 (IWM) is up 18% YTD, indicating broadening participation. Geopolitically, Rubio demands Iran keep the Strait of Hormuz open, and Ukrainian drone strikes hit the Ilsky oil refinery again, pressuring Russian supply lines. The US Transportation Department reports fuel prices up 42.2% YoY. Goldman Sachs CEO sees more greed than fear. SpaceX targets a $1.75 trillion IPO valuation, while Morningstar values it at $780B. Galaxy launches institutional prediction markets with a $10M Arca trade. Microsoft's new quantum chip is 1,000x more reliable, and Build 2026 announcements include a Surface RTX Spark Dev Box with Nvidia's Arm chip. Cboe falls 9% on perpetual futures approval. Victoria's Secret stock surges 47% on better bras. The White House Correspondents' Dinner is rescheduled after a shooting. Trump names Bill Pulte as acting DNI. A group of states sues over TotalEnergies wind lease deal. El Niño warning with 80% chance of onset. Overall, the narrative is one of tech rotation (MSFT weakness vs AAPL/CAT strength), broadening small-cap rally, persistent inflation from fuel prices, and ongoing geopolitical risks from Iran and Ukraine.