Corporate earnings dominated the hour, with Ford, Seagate, and the Cheesecake Factory reporting strong results or upward guidance, while Seagate and Teradyne specifically cited demand fueled by the AI boom. Conversely, Microsoft faces record short interest amid investor skepticism regarding the impact of its aggressive AI spending, as broader market sentiment sees investors rotating capital away from semiconductor stocks. Geopolitically, tensions remain a focal point; oil prices fell following a lack of new US-Iran strikes, though fresh reports regarding Iran’s targeting of the First Lady and the Berlin pride parade attacker’s ties to ISIS underscored ongoing security concerns. On the domestic front, the Trump administration signaled an end to a 2027 Medicare drug plan subsidy, and newly released recordings from the Hur investigation continue to draw scrutiny toward President Biden’s past retention of classified documents.