Escalating military conflict in the Middle East drove oil prices higher, fueling inflation concerns that were further validated by a surprise jump in U.S. import costs and declining home affordability. This market volatility benefited banks like Truist Financial, while in the tech sector, a major reshuffling saw Apple reclaim the title of the world's most valuable company from Nvidia as Netflix and SpaceX shares fell on operational setbacks and a weak outlook. Meanwhile, a battle over corporate transparency is brewing in Washington, as the SEC received record public opposition to a proposal to scrap mandatory quarterly earnings reports.

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Fueled by a powerful AI boom and resilient consumer demand, major corporations including TSMC, UnitedHealth, and United Airlines reported blockbuster earnings and announced significant investments. This corporate strength is contrasted by rising geopolitical risks, as escalating conflict between the U.S. and Iran threatens global oil supplies, while the U.S. administration kicks off a new global tariff regime. Amid this complex environment, major consolidation is underway with Uber acquiring Delivery Hero and Eli Lilly buying AtaiBeckley, while economic data shows a resilient but cautious U.S. consumer navigating these crosscurrents.

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Major U.S. banks reported record-smashing profits fueled by a strong economy and an AI-driven deal-making boom, yet their executives warned of 'tectonic' risks looming from geopolitical conflict and persistent inflation. This economic strength is double-edged, as the corporate rush to buy AI hardware led to a record-breaking 25% plunge in IBM's stock, while new Fed Chairman Kevin Warsh pledged a policy 'regime change' to combat the inflation tax on Americans. These market dynamics are further complicated by rising oil prices from renewed U.S.-Iran conflict, which threatens to undo the moderation seen in the latest consumer inflation report and adds pressure ahead of key earnings from companies like United Airlines.

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