Market 04/23: Trump Opts for Force in Hormuz

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Key Headlines:

• Trump Chooses Escalation

• 51.1% (March)

• Composite: 52.0

• New orders rise at slowest pace in 2 years

• : 2-year term loan, with option to extend 1 year

• WBD -0.5%

• SuperMicro loses $1.4 billion Oracle contract

• SMCI -7%

• Investment

• Active FSD Subscribers: 1.28M (+51% YoY)

• Non-GAAP Operating Margin: 26.5%

• ASMs: +4.0% to 6.0%

• Markets: New Highs Every Day

• These sectors largely insulated from war; oil prices plus current data show U.S. manufacturing expanding amid war, not contracting.