Welcome to Markets Desk, here's what's moving markets right now.
Oil is sliding hard, down three percent to a twelve-day low after Iran claimed it has a two-year plan to weather what it's calling Washington's economic day of reckoning. Investors are clearly unmoved by the geopolitical posturing, reading it as bluster rather than escalation, and selling into the headline.
Shifting to semiconductors, Broadcom is under pressure after Alphabet expanded its long-term chip partnership with Marvell Technologies. The move signals that Google's parent is diversifying away from a single custom silicon supplier, and the market is pricing in real revenue risk for Broadcom. Concentration in a hyperscaler relationship is a double-edged sword, and today Broadcom is feeling the sharp side.
Meanwhile, the so-called debasement trade is back with force. Gold and crypto are catching fresh bids after Treasury Secretary Bessent's latest bond market maneuver rekindled concerns about the long-term cost of U.S. government spending. When sovereign debt sustainability comes into question, hard assets and digital alternatives tend to attract the same crowd, and that rotation is clearly underway this session.
That's the tape. Markets Desk, signing off the floor.
