Good morning, you're tuned to Markets Desk, and here's what's moving the conversation today.
Goldman Sachs is warning that the Strait of Hormuz may never fully reopen, and that's not a minor footnote for energy markets. Jared Cohen, co-head of the Goldman Global Institute, says Tehran has learned exactly how much economic leverage it holds by choking off that waterway, and unless the Iranian regime collapses entirely, some form of restriction becomes the permanent baseline.
That geopolitical pressure lands directly on defense names, which brings us to Lockheed Martin. The company disappointed on its latest earnings report, posting flat sales and declining profits, which is a difficult story to tell when defense spending headlines dominate every news cycle. Investors are left wondering whether the tailwinds from elevated global tension are actually reaching the bottom line in any meaningful way.
Meanwhile, in the technology sector, OpenAI is pulling senior talent directly out of established software giants, and the damage is compounding. The broader software industry is already enduring some of its worst price performance in years as markets reprice the disruption risk from artificial intelligence. Losing key executives to the very company driving that disruption only deepens the wound and raises real questions about where the next cycle of earnings growth actually comes from.
That's the tape. Markets Desk, signing off the floor.
