Geopolitical tension dominated the hour as Iran’s proposed restrictions on U.S. and Israeli vessels in the Strait of Hormuz drove oil prices higher and pushed global bond yields up, while market optimism regarding a diplomatic resolution faded as expected timelines for a deal slipped. This energy-sector volatility intersected with broader market stress, characterized by sharp sell-offs in companies like The Trade Desk, where management cited macroeconomic pressures, and Fujifilm, which slumped 18% on weak earnings. In the U.S., judicial and executive actions signaled a retreat in federal and state regulatory power; a federal judge blocked California medical boards from disciplining physicians over COVID-19 views, and another ruled that National Firearms Act registration requirements for certain firearms were unconstitutional following the elimination of excise taxes. Meanwhile, the administration is reportedly eyeing executive action on autism and vaccine policies. Corporate shifts were stark, with software-as-a-service firms restructuring business models to integrate generative AI—an environment that saw Alibaba move to monetize its open-source AI—even as retail REITs like Charter Hall and retailers like Nick Scali posted growth, diverging from the broader slump. Amid these pressures, Mexico’s prohibition of fracking in the Tampico-Misantla basin underscored a deepening sovereign focus on balancing energy dependency with environmental preservation.