Iran launched missiles and drones at the UAE, the US sank Iranian boats in the Strait of Hormuz, and the four-week ceasefire appears finished. Brent crude surged 6% to $114. The Dow fell 557 points. AMD reports Tuesday as the AI sector's next stress test.

Iran Just Broke the Ceasefire. Now What?. Iran hit the UAE with 12 ballistic missiles, 3 cruise missiles, and 4 drones on Monday. One drone struck Fujairah's oil port, one of the Gulf's most important fuel bunkering hubs. The target selection tells the story: Iran escalated from maritime harassment in the Strait to striking a sovereign nati

The S&P closed at a second consecutive record on narrowing breadth, Berkshire Hathaway held its first annual meeting under CEO Greg Abel, and Project Freedom's first Hormuz escort convoy passed overnight without incident as Iran's military command warned that foreign forces entering the strait "will

Abel's Berkshire Debut Meets a Market Running on Fumes. A bulk carrier was attacked near Hormuz on May 3, the first maritime strike in weeks, hours after Trump announced "Project Freedom," a plan to begin escorting ships through the strait starting Monday. Iran had just submitted an updated peace proposal separating Hormuz reopening from nuclear negotiat

Japan Spent $35 Billion in One Day and the Yen Kept Falling. Japan dropped ¥5.48 trillion on FX intervention in a single session, the largest ever, and the yen is already drifting back toward 158. Robin Brooks's verdict: interventions "signal denial, not strength." Japan tried this in 2022, spending $70 billion across multiple sessions. The yen erased all of

Japan conducted its largest-ever currency intervention, spending ¥5.48 trillion to defend the yen, while simultaneously signaling willingness to intervene in oil futures. The US launched a "Maritime Freedom Construct" coalition to reopen the Strait of Hormuz. Kevin Warsh's Fed confirmation advanced,

Hostilities Are Over. The War Is Not.. Trump sent Congress a letter declaring hostilities with Iran "terminated," a legal maneuver to sidestep the May 8 War Powers deadline without actually ending military operations. The letter creates a new kind of market risk: if a federal judge rules continued operations violate the War Powers Act, e

Trump told Congress the Iran war has "terminated" while Iran's new supreme leader vowed to keep Hormuz and its nuclear program. The S&P closed at a new record above 7,200 for the second straight session on Apple strength, but fewer than 29% of Nasdaq stocks advanced on Wednesday, the narrowest bread

Apple reported record $111.2 billion in revenue with iPhone sales up 22%, then the stock barely moved. Initial jobless claims hit 189,000, the lowest since 1969, while Brent crude pulled back from its $126 wartime high. The Senate failed for the sixth time to advance an Iran War Powers Resolution, w

Apple Beat Earnings and Nobody Cared. The US restricts technology from China. China builds it domestically. The domestic version has zero Western failure points. This pattern just confirmed across three domains in 24 hours. After the US blocked dilution refrigerator exports, China went from zero cryogenic suppliers to more than the rest