Market Updates — Past 24 Hours

SRC079 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*SpaceX ($SPCX) is finalizing a $40 billion debt offering at sharply higher borrowing costs, as growing concerns over AI spending and debt levels weaken investor appetite for technology-related loans.* • *Debt Pricing:* The lowest-rated portion is expected to carry an interest rate near 8.3%, while a higher-rated tranche backed by SpaceX chips could price around 7.75%, more than 1 percentage point above yields on its existing bonds. • *Financing:* Apollo and Goldman Sachs ($GS) are leading the deal, with pricing expected to be finalized next week. Terms remain subject to change. • *Credit Concerns:* Existing SpaceX bonds have weakened and credit-default swap spreads widened as investors weigh massive spending plans, rising debt and broader AI financing risks, including CoreWeave's ($CRWV) recent debt selloff. • *Additional Context:* SpaceX is considering a potential merger with Tesla ($TSLA). President Trump purchased $5M in SpaceX bonds in August.

SRC256 · @SchuldensuehnerObserved 22 October 2026

AI credit risk hits new highs. Oracle’s 5Y CDS tops 300bps, SpaceX exceeds 200bps, Meta hits a record 119bps as future spending commitments reach $825bn. The AI arms race is becoming a financing race. Insuring the dream against default keeps getting more expensive. https://t.co/rDe1LtZG9k

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SRC122 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*Nvidia ($NVDA) CEO Jensen Huang warned that capital shortages could become a major bottleneck for AI infrastructure growth, even as demand for computing capacity accelerates. Speaking at GTC Berlin, Huang also unveiled a compact data center system designed to speed up AI deployment.* • *Neocloud Distress:* CoreWeave ($CRWV) plunged 10% and Nebius ($NBIS) fell 7% amid concerns over heavy borrowing. Industry executives warned that the scale of unrated AI infrastructure companies is unsettling investors, while Huang maintained that demand for neocloud computing remains exceptionally strong. • *Smaller Data Centers:* Nvidia introduced a transportable system packing seven Vera Rubin AI racks into a shipping container, aiming to accelerate deployment and reduce costly delays. OpenAI and Anthropic have reportedly explored smaller data center deals. • *Capital Requirements:* Goldman Sachs estimates $7.6 trillion in AI-related spending from 2026–2031 across computing, data centers and power. Huang estimates a 1-gigawatt data center costs approximately $50B. • *Financing Bottleneck:* Huang said demand for capital significantly exceeds availability, while an AI infrastructure financing executive warned funding could soon become the industry's main constraint. Huang expects the shortage to eventually be resolved.

SRC111 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*Morgan Stanley maintained Equalweight on CoreWeave ($CRWV), cutting its price target to $70 from $99.* • *Rationale:* Analyst Keith Weiss cited solid execution and leadership in deployment speed and scale, but said growing financing uncertainty reduces visibility into deploying contracted capacity and reaching 8GW of active capacity longer term.

SRC309 · @TheTranscript_Observed 23 October 2026

$META's FCF turned negative in Q3 2026: "Capital expenditures, including principal payments on finance leases, were $34.9 billion, driven by investments in servers, data centers and network infrastructure. Free cash flow was negative $2.1 billion." - CFO https://t.co/7fQAzvtJoX

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SRC149 · @KobeissiLetterObserved 22 October 2026

BREAKING: Meta, $META, extends losses to -7% on the day despite posting stronger than expected earnings and initially surging +9% on the news. That's a ~$240 billion swing in market cap from yesterday's high. https://t.co/52OnVrA9Mq

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SRC066 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*U.S. stocks tumbled Thursday as surging oil prices, escalating Middle East tensions and concerns over AI spending triggered a sharp selloff in technology stocks, while investors rotated into defensive sectors.* • *Market Declines:* The Nasdaq 100 fell 3.1%, the S&P 500 dropped 1.5%, and the Philadelphia Semiconductor Index plunged 6.5%, its steepest intraday decline since July. • *AI Selloff:* Meta ($META) slid 7.6% despite beating earnings expectations, as increased capital spending raised concerns over AI investment returns and debt financing. Tesla ($TSLA) fell 2.2%, while disappointing reports from Lam Research ($LRCX) and IBM ($IBM) added pressure. • *Market Rotation:* The equal-weighted S&P 500 gained 0.2%, outperforming the capitalization-weighted index by approximately 1.7 percentage points, potentially its strongest relative session since 2024. Investors favored consumer staples, utilities and healthcare over technology. • *Oil & Geopolitics:* WTI crude rose 2.5% to $99.56 as escalating Middle East tensions fueled supply concerns. • *Safe-Haven Demand:* The 10-year Treasury yield fell to approximately 4.95% as investors sought government bonds amid global risk aversion. • *Broader Pressure:* Bitcoin fell toward $81,000.

SRC241 · @unusual_whalesObserved 22 October 2026

BREAKING: The cost of insuring against a Meta, $META, default just hit a record high, per Bloomberg. Meta’s five-year credit default swaps rose to 114.5 basis points, meaning it now costs about $114,500 a year to insure $10 million of Meta’s debt against default.

SRC104 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*Trump's administration has reportedly prepared plans for renewed U.S.-Israeli strikes against Iran, potentially involving several days of intense attacks on nuclear, energy and military facilities.* • *Military Preparations:* CNN reports that U.S. officials have developed coordinated strike plans with Israel that could be executed immediately upon Trump's approval. Officials anticipate a short but intense campaign. • *Potential Targets:* Iran's nuclear facilities, energy infrastructure, missile and drone arsenals are under consideration. CNN reports that using the GBU-43/B "Mother of All Bombs" is also being evaluated. • *Timing:* The Atlantic reports Trump is considering resuming strikes after the November midterm elections. Netanyahu has reportedly pushed for earlier action. • *U.S. Strategy:* Treasury Secretary Scott Bessent favors continued sanctions and a naval blockade to force negotiations, while Netanyahu has advocated further military strikes to topple Iran's government. The administration is reportedly considering combining both approaches. • *Iranian Response:* An Iranian military spokesperson threatened undersea fiber-optic cables in the Strait of Hormuz as potential targets. Analysts warn renewed strikes could trigger a wider conflict rather than force Tehran to surrender. • *Status & Market Impact:* Reports of potential escalation contributed to Thursday's oil-price surge and stock-market selloff, while concerns remain over U.S. munitions supplies.

SRC422 · @KobeissiLetterObserved 23 October 2026

BREAKING: Brent crude oil prices surge above $115/barrel for the first time since May 4th. Brent is now less than 4% away from its Iran War high recorded on March 9th. https://t.co/5SlVSnnzOO

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SRC031 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*Citi warns oil prices face continued upside risk despite recovering Gulf exports, as shipping disruptions and soaring freight costs keep delivered crude supplies tight.* • *Export Recovery:* Gulf crude exports excluding Iran rebounded to over 81% of pre-war levels in September, led by Saudi Arabia. Iranian exports fell to zero under the U.S. blockade. • *Shipping Bottlenecks:* More than 1 million barrels per day, or 7.5% of regional exports, required ship-to-ship transfers in September, compared with virtually none before the conflict. • *Surging Costs:* Gulf-to-China supertanker freight rates approached $35 per barrel, more than 20 times their average over the previous decade. • *Oil Outlook:* Citi says the recovery in export volumes has not translated into normal shipping conditions, leaving delivered supplies constrained and prices vulnerable to further increases.

SRC143 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

U.S. DEPARTMENT OF ENERGY ANNOUNCES AUTHORIZATION OF EMERGENCY EXCHANGE OF UP TO 400,000 BARRELS OF CRUDE OIL FROM SPR TO ADDRESS CRUDE OIL SUPPLY DISRUPTION AFFECTING PHILLIPS 66 LAKE CHARLES REFINERY IN LOUISIANA

SRC100 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*SpaceX ($SPCX) is seeking access to at least 80,000 U.S. cell tower sites as Elon Musk moves to build a fourth nationwide wireless carrier, potentially challenging AT&T ($T), Verizon ($VZ) and T-Mobile ($TMUS), according to Bloomberg.* • *Infrastructure Talks:* SpaceX is negotiating with major tower operators, including Crown Castle ($CCI), to secure the sites needed for nationwide coverage. Potential agreements could be worth billions of dollars. • *Satellite Expansion:* SpaceX recently acquired low-band wireless spectrum and received FCC approval to launch 15,000 satellites capable of providing mobile service directly to phones. • *Starlink Mobile:* Musk plans to combine satellite connectivity with terrestrial cell networks to establish Starlink as a major U.S. wireless carrier. • *Tower Operators:* Crown Castle, American Tower ($AMT) and Vertical Bridge are among the largest infrastructure providers. Crown Castle's CEO acknowledged discussions with industry participants but declined to confirm specific deals. • *Deployment Challenge:* SpaceX also plans to use existing Starlink customer equipment to transmit local mobile signals, although analysts warn those installations may not provide the geographic coverage required for a reliable nationwide network.

SRC102 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*Verizon ($VZ), AT&T ($T) and T-Mobile ($TMUS) plunged 4%–6% after hours following reports that SpaceX ($SPCX) is negotiating cell tower leases with Crown Castle ($CCI), advancing plans to become a fourth nationwide U.S. wireless carrier.* • *Wireless Selloff:* AT&T fell 5.8% to $21.43, Verizon dropped 4.5% to $43.15, and T-Mobile declined 4.0% to $152.43, reversing gains from the regular session. • *Tower Stocks Surge:* Crown Castle jumped 10.3% to $86.97, while American Tower ($AMT) climbed 7.4% to $195.00, as investors anticipated additional tower-leasing demand. SpaceX rose 0.9% to $146.03 after hours.

SRC116 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*U.S. telecom stocks fell sharply in Friday premarket trading on reports of SpaceX's wireless expansion plans, while Moderna, Deckers and several earnings reporters also declined.* • *Telecom:* AT&T ($T) fell 4.2%, T-Mobile ($TMUS) 4.3% and Verizon ($VZ) 3.6% after Bloomberg reported SpaceX is privately discussing leasing 80,000 cell towers to build a fourth nationwide wireless carrier combining Starlink's satellite network with ground infrastructure. Tower owners Crown Castle ($CCI) rose 7.6% and American Tower ($AMT) 5.5%. Crown Castle is reportedly involved in the talks. • *SpaceX ($SPCX):* PhillipCapital upgraded shares from Sell to Buy, raising its price target from $75 to $250, implying 70% upside, citing stronger-than-expected AI business growth. • *Moderna ($MRNA):* Fell 5.7% after plunging 25% Thursday following leaked partial data from its cancer vaccine developed with Merck ($MRK). Both stocks declined despite full results released Thursday appearing meaningful for patients and better than Wall Street expected. • *Deckers ($DECK):* Dropped 6.7% after fiscal Q2 revenue missed expectations at $1.43B versus $1.51B expected. HOKA and UGG sales also missed forecasts. • *Bloom Energy ($BE):* Fell 2.5% despite beating Q3 revenue and earnings estimates and raising 2026 EPS guidance. Negative quarterly free cash flow concerned investors. • *Comfort Systems ($FIX):* Declined 3.6% despite beating Q3 revenue and earnings expectations. Margins missed forecasts, while backlog surged 90% year over year. • *Western Digital ($WDC):* Slipped 3.4% despite a revenue beat and dividend increase. Management reported a strong start to fiscal 2027, but investors remained concerned about demand and AI-related spending.

SRC088 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

SPACEX: ANY POTENTIAL TESLA COMBINATION WOULD BE SUBJECT TO FURTHER APPROVAL BY OUR SPECIAL COMMITTEE, BOARD AND CONTROLLING SHAREHOLDER. $TSLA $SPCX

SRC051 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*Moderna ($MRNA) shares plunged approximately 25% Thursday, on pace for their largest decline since going public, after closely guarded Phase III melanoma cancer-vaccine results reportedly leaked online ahead of their scheduled October 24 presentation.* • *Early Data Leak:* Oncology Central appears to have prematurely published detailed results from Moderna and Merck's ($MRK) personalized mRNA cancer-vaccine trial. Screenshots circulated on X, triggering scrutiny of the findings. • *Clinical Results:* The leaked figures suggest the vaccine combined with Keytruda reduced melanoma recurrence or death risk by 42%. However, the reported hazard ratio of 0.58 was less favorable than the earlier Phase IIb result of 0.51. • *Investor Concerns:* The findings raised questions about whether the vaccine offers sufficient additional benefit over existing immunotherapy strategies to justify its potential cost, particularly after Moderna's substantial stock rally. • *Market Reaction:* Merck shares also declined 1.5%. Moderna declined to comment, while Merck, Oncology Central and ESMO had not immediately responded. • *Next Catalyst:* Full Phase III results remain scheduled for presentation at the ESMO conference on Saturday, October 24.

SRC052 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*Merck ($MRK) reported that Moderna's ($MRNA) personalized cancer vaccine, intismeran, combined with Keytruda significantly reduced melanoma recurrence or death risk by 42% in the Phase III INTerpath-001 trial.* • *Clinical Results:* The combination demonstrated a 42% relative reduction in recurrence or death risk versus Keytruda alone, corresponding to a hazard ratio of 0.58. • *Overall Survival:* Data are not yet mature, but Merck reported a favorable survival trend for patients receiving the combination. • *Safety:* No new safety signals were observed, with the combination's safety profile generally consistent with earlier studies. • *Significance:* The findings reinforce the vaccine's clinical benefit following surgery, although its impact on overall survival and added value versus alternative immunotherapy strategies remain unresolved.

SRC050 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

WSJ CONFIRMS MODERNA CANCER VACCINE DATA LEAKED EARLY CANCER SITE ONCOLOGYCENTRAL APPEARS TO PUBLISH MODERNA STUDY AHEAD OF SATURDAY ESMO RELEASE: WSJ

SRC041 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*Moderna ($MRNA) plunged approximately 18% to $200.52 Thursday despite an early report of positive Phase III melanoma vaccine results, as investors reassessed expectations following the stock's more than 600% rally this year.* • *Clinical Results:* An Oncology Central article reports Moderna's personalized mRNA vaccine, combined with Merck's ($MRK) Keytruda, reduced the risk of melanoma recurrence or death by 42% versus Keytruda alone. • *Patient Outcomes:* At two years, 82.2% of combination-treated patients remained recurrence-free versus 70.0% receiving Keytruda alone. The combination also reportedly reduced distant metastasis or death risk by 38%. • *Investor Expectations:* The reported Phase III hazard ratio of 0.58 represents a smaller relative benefit than the earlier Phase IIb result of 0.51, although both indicate meaningful clinical improvement. • *Why Shares Are Falling:* Moderna's enormous rally had already priced in substantial optimism. Profit-taking, elevated valuation expectations and a less dramatic result than the earlier trial may be contributing to the selloff, though no definitive cause has been established. • *Verification:* Moderna and Merck previously confirmed that Phase III met its primary and key secondary endpoints. The detailed figures remain unconfirmed ahead of their scheduled October 24 ESMO presentation. Source: Oncology Central (Oct. 22); MarketWatch (Oct. 22); Moderna/Merck

SRC101 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*OpenAI reportedly lowered its funding-round valuation target from $1.4 trillion to $1.25 trillion after facing weaker-than-expected investor demand, as concerns over AI spending and valuations weigh on the sector.* • *Valuation Cut:* The revised $1.25T pre-money valuation remains nearly 50% above OpenAI's current $852B valuation, but below the $1.4T initially pitched to investors. • *Investor Resistance:* Morgan Stanley and Dragoneer reportedly encountered weaker demand from private wealth clients, with some investors citing fatigue after committing substantial capital to earlier AI funding rounds. • *IPO Competition:* Some investors prefer to see how rival Anthropic's anticipated IPO prices before committing more capital to OpenAI. • *Funding Deadline:* OpenAI is seeking up to $30B, with investor commitments due October 30. The final amount could be smaller depending on demand. • *UAE Investment:* Coatue and UAE-backed funds are discussing leading the round. The proposed arrangement would also give OpenAI first refusal on new computing capacity developed by its UAE partners. • *IPO Timeline:* OpenAI is targeting a public listing in the first half of 2027, although no date has been finalized.

SRC085 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*OpenAI is nearing a funding round of up to $30 billion at a $1.25 trillion pre-money valuation, led by investors from the United Arab Emirates and Coatue, ahead of a potential 2027 IPO.* • *Funding Round:* OpenAI aims to secure investor commitments by the end of next week, although the final amount remains undetermined. The $1.25T valuation excludes the new capital raised. • *IPO Plans:* The financing is being positioned as a bridge to a potential public listing. CFO Sarah Friar has told employees an IPO is likely in 2027, and OpenAI has already filed confidentially. • *UAE Expansion:* Alongside the investment, OpenAI is negotiating a commercial agreement to secure additional computing capacity from the UAE to support its expanding AI operations. • *Market Conditions:* The fundraising comes amid rising borrowing costs and concerns over AI infrastructure financing, including recent credit-market pressure surrounding CoreWeave ($CRWV).

SRC081 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

OPENAI NEARS UP TO $30B FUNDING ROUND AT $1.25T VALUATION:CNBC

SRC072 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*Anthropic is expected to publicly file for an IPO in the coming days, potentially generating multibillion-dollar gains for early investors as its private valuation reaches $965 billion, with some anticipating a public valuation as high as $2 trillion.* • *Iconiq Capital:* Invested more than $6B since 2025, building a stake now valued at approximately $17B. Its holding could more than double in value if Anthropic goes public at $2T. • *Spark Capital:* A $75M investment in 2023 has reportedly grown into a stake worth $7B, representing one of the largest potential returns among Anthropic's venture backers. • *Menlo Ventures:* Invested more than $1B, including $500M in its Series D round. Its stake, representing less than 2% ownership, is now valued at approximately $14B. • *Other Investors:* Sequoia Capital invested $3B for roughly 1% ownership, while Singapore's GIC invested over $4.5B for a similar stake. Sound Ventures invested approximately $435M across multiple rounds and holds a stake valued in the billions. • *Big Tech Backers:* Alphabet ($GOOGL), Amazon ($AMZN) and Nvidia ($NVDA) have also invested billions in Anthropic, positioning them for potential gains while raising concerns about circular AI financing. • *IPO Outlook:* Anthropic's anticipated listing could deliver substantial paper gains to investors and employees, although the final valuation and realized returns remain uncertain.

SRC090 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

US FEDERAL COMMUNICATIONS COMMISSION GRANTS WAIVER TO INTEL FROM ITS BAN ON SOME FOREIGN-MADE ADVANCED ROBOTICS THAT ARE CRITICAL TO ITS SEMICONDUCTOR MANUFACTURING OPERATIONS IN THE UNITED STATES -- ORDER

SRC001 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 20 October 2026

*Intel ($INTC) is seeking an exemption from U.S. restrictions on foreign-made advanced robots, warning that specialized equipment essential to American semiconductor manufacturing has no domestic substitute.* • *FCC petition:* Filed October 16 and made public October 19, Intel's request concerns automated guided vehicles (AGVs) used to transport materials inside semiconductor fabrication plants. • *Manufacturing dependence:* Intel argues continued access to these specialized robots is crucial to U.S. national security and domestic chip production. • *Federal restrictions:* Since July 28, the FCC has blocked new equipment authorizations for foreign-produced advanced robots unless they receive conditional approval from national security authorities. • *Existing equipment:* Previously authorized models can generally remain in use and continue being imported; the restrictions primarily affect new models requiring authorization.

SRC008 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*Tesla ($TSLA) and NVIDIA ($NVDA) reportedly plan to invest a combined $2.8 billion in Samsung Electro-Mechanics to expand production of advanced AI chip substrates in South Korea, according to Reuters and Maeil Business Newspaper.* • *Investment Breakdown:* NVIDIA will reportedly contribute $1.97B and Tesla approximately $830M toward FC-BGA manufacturing capacity, a critical component connecting high-performance chips to circuit boards. • *Tesla Agreement:* Samsung Electro-Mechanics is expanding dedicated production lines in Sejong to supply substrates for Tesla's autonomous vehicles and Optimus humanoid robots under a five-year agreement running from 2029 through 2033. • *Production Timeline:* Construction is targeted for completion by late 2027, with equipment installation and testing through H1 2028, mass production beginning H2 2028 and Tesla deliveries starting in 2029. • *NVIDIA Partnership:* The companies confirmed a multiyear agreement covering substrates for AI computing chips and high-speed data center networking switches, with expansion planned in Sejong and Busan. NVIDIA deliveries begin in 2026, with volumes expected to grow at double-digit annual rates. • *Supply Chain Expansion:* NVIDIA expects Samsung Electro-Mechanics to account for a significant portion of its substrate production capacity by 2028, supporting NVIDIA's broader target to increase substrate capacity 2.5-fold over three years.

SRC133 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

US PROPOSES FURTHER SUSPENSION OF SECTION 301 INVESTIGATION INTO CHINA’S TARGETING OF MARITIME, LOGISTICS, AND SHIPBUILDING SECTORS FOR DOMINANCE THROUGH JAN. 9, 2027 SAYS OFFICE OF USTR

SRC091 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 23 October 2026

*Apple ($AAPL) launches its first foldable iPhone, the $1,999 iPhone Duo, on Friday, October 23, as strong preorders and limited supply signal early demand for the company's entry into the foldable smartphone market.* • *Early Demand:* Preorders pushed estimated delivery dates into late January within minutes. Apple confirmed limited in-store availability across several markets, with online preorders required in China, Japan and other countries. • *Market Opportunity:* IDC projects Apple will capture 44% of global foldable smartphone market value and 31% of shipments in 2026, becoming the category leader by both measures in 2027. • *iPhone Momentum:* Apple's fiscal Q3 iPhone revenue reached $54.25B versus $44.58B a year earlier, reinforcing the importance of its largest product business. • *Stock Performance:* Apple shares have gained approximately 25.97% in 2026, outperforming the S&P 500's 12.48% advance, as investors favor its comparatively restrained AI infrastructure spending.

SRC443 · @DeItaoneObserved 23 October 2026

$AAPL - APPLE SHARES TOUCH RECORD HIGH, LAST UP 0.4%

SRC066 · CaktusJxck (caktus) / Unknown stored sender [in]Observed 22 October 2026

*U.S. stocks tumbled Thursday as surging oil prices, escalating Middle East tensions and concerns over AI spending triggered a sharp selloff in technology stocks, while investors rotated into defensive sectors.* • *Market Declines:* The Nasdaq 100 fell 3.1%, the S&P 500 dropped 1.5%, and the Philadelphia Semiconductor Index plunged 6.5%, its steepest intraday decline since July. • *AI Selloff:* Meta ($META) slid 7.6% despite beating earnings expectations, as increased capital spending raised concerns over AI investment returns and debt financing. Tesla ($TSLA) fell 2.2%, while disappointing reports from Lam Research ($LRCX) and IBM ($IBM) added pressure. • *Market Rotation:* The equal-weighted S&P 500 gained 0.2%, outperforming the capitalization-weighted index by approximately 1.7 percentage points, potentially its strongest relative session since 2024. Investors favored consumer staples, utilities and healthcare over technology. • *Oil & Geopolitics:* WTI crude rose 2.5% to $99.56 as escalating Middle East tensions fueled supply concerns. • *Safe-Haven Demand:* The 10-year Treasury yield fell to approximately 4.95% as investors sought government bonds amid global risk aversion. • *Broader Pressure:* Bitcoin fell toward $81,000.