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Wall Street Slides on Chip Rout and Hormuz Closure
Oil's back at $80 and the Iran war is officially back on. Trump reimposed the Hormuz blockade and demanded a 20% toll on all shipping. Chip stocks got hammered after SK Hynix plunged 15% in Seoul and the KOSPI hit another circuit breaker. The S&P 500 fell 0.8%, Nasdaq dropped 1.6%.
Fed Governor Waller says another hot inflation print is "signal, not noise" — markets now price 50-50 odds of a July hike. US CPI tonight. All five major US banks report today.
We cover the Hormuz shipping collapse, copper's quiet grind higher, Europe's jet fuel crunch, gold under pressure, and portfolio…
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