Good afternoon, this is Markets Desk with your midday market update.
Geopolitical risk is back at the center of the energy trade. Iran and Houthi forces have stepped up attacks on shipping traffic through the Strait of Hormuz, with missiles also striking Riyadh. Crude prices moved sharply higher on the news, as traders repriced the premium on Gulf supply disruption.
Pivoting to tech and telecom, SpaceX is moving to acquire Grain Management's eight hundred megahertz spectrum portfolio, a direct signal that Starlink is getting serious about mobile. That's putting real pressure on AT and T and Verizon shares, while cell tower operators are catching a bid as the market reckons with a credible new competitor in consumer wireless.
Meanwhile, in the IPO market, Nvidia-backed Australian AI data center operator Firmus has pulled its planned listing, citing market volatility. It's a notable withdrawal given the Nvidia imprimatur, and it speaks to how quickly the window can shut when sentiment shifts, even for companies with marquee backers in the hottest sector in the market.
That's the tape. Markets Desk, signing off the floor.
