Jill Disis discusses the fragile situation in the Middle East, noting that despite Trump's rhetoric, there is no clarity on how the US will enforce control of the Strait of Hormuz. Iran maintains a chokehold, with very little ship traffic flowing. The war has gone past Trump's original timeline, and there remains a huge gap between Tehran and Washington on negotiations.

David Savage sees the current market selloff as a preview of what a real escalation or failure to reinstate energy flows through Hormuz would do to risk assets. Equities are selling off across Asia and US futures, driven by a perfect storm of high momentum in tech names, upcoming US economic data, and the jump in crude prices.

Neil Campling analyzes Salesforce's disappointing results, noting its growth is slowing and its AI-exposed business is too small compared to competitors like Anthropic. He contrasts this with Snowflake, which has successfully transitioned to a data AI cloud and is seeing much faster growth, operating across multiple ecosystems.

Ed Yardeni dismisses concerns that US stocks are in a bubble, arguing the rally is driven by earnings momentum rather than speculation. He notes the forward PE has stayed stable around 20-22, which is reasonable if the economy remains resilient without a recession. He sees the market's basic thrust as higher, potentially reaching 10,000 on the S&P 500 by the end of the decade.

Trevor Charsley sees potential for a near-term dollar squeeze higher driven by safe-haven buying, strong PCE and GDP data. He expects sterling/dollar to move lower. On the yen carry trade, he sees it continuing in a range of 175-195 for euro/yen, but a fundamental change could occur in 3-6 months ending the trend higher since 2016.