The past hour was defined by a surge in international friction and clear domestic movement, led by Spain’s ultimatum to Italy demanding an end to border controls imposed after a massive influx of migrants into the enclave of Ceuta, an action Spain branded as unfair and discriminatory. This diplomatic tension coincides with continued geopolitical instability as Iran reaffirmed its rejection of peace talks with the U.S. and maintained its intent to control the Strait of Hormuz. On the domestic front, Supreme Court Justice Samuel Alito brought clarity to ongoing retirement speculation, confirming in an interview that he will serve at least another term. Corporate activity remained robust and focused on significant consolidation and investment; reports indicate SpaceX is nearing a $60 billion acquisition of AI startup Cursor—complicating a busy day for the firm as it simultaneously navigates Starship recovery challenges—while Eneos announced a $1.28 billion acquisition of TPC Group and hedge fund Situational Awareness directed $400 million into chip manufacturing via Source Foundry. Data center provider Switch also initiated a confidential IPO filing, while the broader market saw high-volume routine insider activity, particularly involving executives at Victory Capital Holdings and Arista Networks.