Welcome to Markets Desk, your midday read on what's moving markets and why.
Iran remains the dominant macro overhang this hour. Airstrikes between Washington and Tehran resumed over the weekend, and with peace talks now grinding into a second month at impasse, the geopolitical risk premium is back in the crude complex. Trump's Truth Social response to critics signals no near-term diplomatic softening.
Shifting to the semiconductor space, Nvidia made a significant product statement, unveiling the first Windows laptops and desktops running entirely on its own RTX Spark chip. This is a direct challenge to Intel and AMD on their home turf, and it tells you Nvidia's ambitions extend well beyond the data center. Watch how the incumbents respond.
And on the labor front, the UAW has called a strike at Dauch Corporation, formerly American Axle, a Michigan supplier of pickup truck axles for General Motors. A work stoppage at a critical supplier hits GM's most profitable segment — full-size trucks — and the timing, with inventory already tight, adds real pressure to the automaker's near-term production outlook.
That's the tape. Markets Desk, signing off the floor.