Good evening and welcome to Markets Desk.
Oil is on track for another losing week, but traders aren't sleeping easy. Iran warned Thursday that vessels deviating from approved routes through the Strait of Hormuz would be dealt with accordingly, and a UN organization has paused ship-evacuation efforts there. That's a meaningful supply-risk signal in a market already heavy with demand concerns.
Turning to equities, Dell Technologies has become one of the more remarkable wealth stories of the year. Michael Dell has climbed to fifth on the global rich list, surpassing Jensen Huang, Mark Zuckerberg, and Larry Ellison, after Dell stock roughly tripled on the back of surging demand for AI computing infrastructure. It's a reminder that the AI hardware trade runs well beyond the usual semiconductor names.
Meanwhile, Volkswagen is reportedly preparing one of the most dramatic restructurings in its history, with plans to eliminate roughly one hundred thousand jobs and shut down four German manufacturing plants over the coming years. The move reflects the brutal pressure European automakers face from Chinese competition, rising energy costs, and a slower-than-expected transition to electric vehicles.
That's the tape. Markets Desk, signing off the floor.
