Good evening and welcome to Markets Desk.
The biggest macro shock of the session is coming out of the Strait of Hormuz, where the Pentagon confirmed U.S. airstrikes against Iran following Tehran's attack on a container ship in the strait. Iran is demanding vessels reroute through its northern waters, and markets are already pricing in the risk — crude is spiking and safe-haven flows are pushing into Treasuries and gold as traders weigh what a sustained disruption to one of the world's most critical oil chokepoints would mean for global supply chains.
Shifting to tech, Nvidia is offering a case study in how earnings growth can actually make a rising stock look cheaper. Despite the share price climbing sharply, the company's forward price-to-earnings ratio has fallen considerably — meaning analysts have been racing earnings estimates higher faster than the stock itself has moved, which is a fundamentally healthy signal for investors still debating whether the valuation is stretched.
And in pharma, AbbVie is putting nearly eleven billion dollars to work acquiring Apogee Therapeutics, a move that deepens its immunology pipeline well ahead of key patent cliffs. The deal signals that AbbVie isn't content to coast on its dividend king status — it's actively building the next generation of revenue to sustain those payouts long term.
That's the tape. Markets Desk, signing off the floor.
