Midday Need to Know: Hormuz ceasefire expires, Copper prices rally & more

Wall Street opened lower as investors waited for a heavy slate of retail earnings that could clarify consumer spending trends, while several macro and sector stories shaped sentiment. Oil markets were supported by escalating risk around the Strait of Hormuz after the U.S.-Iran ceasefire expired and shipping traffic slowed sharply, raising supply concerns. In tech, Anthropic’s strong revenue growth and first profitable adjusted operating quarter boosted AI infrastructure names, especially memory, storage, and networking stocks. Separately, a Wall Street Journal analysis highlighted roughly $3T in off-balance-sheet AI-related commitments across major tech firms, underscoring rising future balance-sheet risk. In commodities, copper rallied on supply tightness and short-covering, with LME prices and backwardation both increasing. Overall, the article points to a mixed market backdrop: cautious equities, constructive energy and metals inputs, and continued enthusiasm but also rising financial obligations around AI spending.