For months, investors have rewarded the suppliers of the AI boom, especially chipmakers, because their role is obvious. If everyone needs more computing power, someone has to sell the hardware. That part of the trade still makes sense. The Philadelphia Semiconductor Index recently hit a fresh record and is up roughly 106% this year. But Tuesday morning, the mood has shifted.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

This week begins with investors trying to do two things at once: enjoy the rally and pretend it is not watching the Strait of Hormuz every five minutes. U.S. stocks enter Monday's session after a strong prior week, with the Nasdaq up 2.4% and technology once again doing much of the heavy lifting. The S&P 500 is comfortably above where it stood before the latest Middle East conflict began, and Europe's Stoxx 600 has already climbed back above its late-February record.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

A pause, a passageway, and a promise to keep talking. That's essentially what's included in the Iran-US agreement released a few hours ago. It extends the April ceasefire by another 60 days and restores full maritime traffic through the Strait of Hormuz, without the extra charges that had become one more tax on an already nervous global economy. Brent fell again, sliding toward $77 a barrel, its lowest level since early March. For markets, the agreement is less a breakthrough than a badly needed reduction in one of the world’s most expensive risks.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

Markets are trying to recover from a bruising selloff in chip stocks, helped by easing oil prices and hopes that a U.S.-Iran interim deal can calm inflation fears. But the bigger test comes from Washington, where Kevin Warsh's first press conference as Fed chair will show whether he can sound dovish enough for the White House without frightening bond investors.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

After Monday's record close for the Dow, investors seem happy to keep buying, with futures just slightly up. The Fed meeting is the main event today. It will be the first interest-rate decision under Kevin Warsh as Federal Reserve chair, and markets are treating it like a debut with unusually high ticket prices. The central bank is widely expected to hold rates steady at 3.50% to 3.75%, but the decision itself is not what matters most.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

This week begins with the possibility that a war may actually be ending. Washington and Tehran have confirmed the outline of an agreement to halt the conflict with Iran, extend the ceasefire, and reopen the Strait of Hormuz on Friday. That is the main fact shaping today's U.S. session. Investors are repricing risk, oil, inflation, and the odds that the Federal Reserve may have a little more room to breathe. Oil prices are falling sharply, with Brent back near $83 a barrel and West Texas Intermediate near $80.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

The market entered Friday with two reasons to believe again: a possible U.S.-Iran peace deal that could cool oil prices, and SpaceX's record-breaking debut testing how much appetite investors still have for giant future-facing bets.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

A hotter-than-expected producer-price report reminded investors that inflation is not done causing trouble, even as hopes for U.S.-Iran diplomacy helped cool oil prices and lift market sentiment. With the ECB already raising rates, AI stocks wobbling, Oracle exposing the cost of the boom, and SpaceX preparing a monster debut, investors don't know where to look.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

The CPI report landed softly, the market did not. Inflation came in almost exactly as expected, but between shaky AI valuations, oil above $90, and fresh U.S.-Iran fighting, investors had already moved on to worrying about the rest of the menu.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.

U.S. futures are rising because the market got exactly what it needed this morning: lower Middle East pressure, cheaper oil, and a fresh rebound in chip stocks. Futures were up, showing that investors are willing to step back into risk as long as the AI trade keeps working.

Hosted by Audiomeans. Visit audiomeans.fr/politique-de-confidentialite for more information.