Market Update April 5: U.S. Escorts 2 Ships Through Hormuz

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Key headlines:

• U.S. rejects Iran's latest peace proposal

• U.S.-Iran: Escalation returns

• Iran attacks UAE oil infrastructure

• Image

• : Beijing declares energy security a priority

• BOJ appears to intervene in USD/JPY for the third time

• beat +0.5% forecast

• GameStop holds a 5% stake in eBay and has about $9 billion in cash

• Net profit (GAAP): $10.1 billion vs $4.6 billion in Q1/2025 🟢; +118% YoY

• there was no panic. This is an important point to note: war-related news did not trigger a sell-off like in the past, perhaps only 1/10th of the impact.