Latest / MPC Markets Morning Call
Stocks to Open Lower as Hormuz Shuts Again
The US-Iran ceasefire is dead. Four days of strikes, 300 Iranian targets, and Tehran has closed the Strait of Hormuz until further notice. Trump says it's open — the satellite data says otherwise. Oil up 3%, ASX futures down half a percent.
Meta surged 6% on an AI compute upgrade. SK Hynix debuted with the largest-ever foreign IPO on the Nasdaq at $26.5B. Netflix slipped on subscriber engagement concerns.
Mark flags the risks stacking up: record margin debt, fund managers with no dry powder, near-record-low put/call skew, and hyperscaler CapEx inflation heading into earnings. None fatal alone…
The skinny
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