You're tuned in to Markets Desk, your midday read on the stories moving markets and the broader economy.
Starting in the Persian Gulf, where the U.S.-Iran ceasefire is fraying at the edges. Despite a formal agreement, both sides are actively contesting control of the Strait of Hormuz. Iran is demanding approval rights over all commercial traffic, and has struck vessels that bypass its designated coastal route. The U.S. has responded with retaliatory strikes on Iranian drone and missile infrastructure, keeping energy markets on edge and shipping insurance premiums elevated.
Shifting to monetary policy, Federal Reserve Chair Kevin Warsh heads to Capitol Hill this week for his first congressional testimony since taking the chair. Lawmakers are expected to press him hard on inflation's trajectory, the pace of any future rate cuts, and how the Fed is weighing geopolitical disruption against domestic economic signals. His tone will matter as much as his words.
And in equity markets, SpaceX has officially joined the Nasdaq one hundred, a milestone that triggers automatic buying from every passive fund and index-tracking ETF benchmarked to that index. The inclusion adds a rare private-turned-index name to the benchmark, and the forced buying from passive vehicles could provide meaningful near-term price support as rebalancing flows work through the market.
That's the tape. Markets Desk, signing off the floor.
