Oman Opened Hormuz Routes. Senate Rebuked Trump on Iran. SK Hynix Raised $2.9 Billion. Micron Reports Tonight.

South Korea's Kospi rebounded 4.1% after Monday's 9.99% crash, while SK Hynix and Samsung recovered part of their losses. Japan's Nikkei steadied near 69,700. U.S. futures were softer, with Nasdaq 100 futures down about 0.5% and S&P 500 futures lower by 0.3%.

The overnight earnings tape delivered the same message investors have been sending for weeks. Cerebras (CBRS) beat revenue expectations, announced a $20 billion OpenAI agreement and a new Amazon partnership, then fell 7%. FedEx missed its fiscal 2027 outlook and dropped 6%.

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Brent sits near $76. Bitcoin trades around $62,500. The 10-year Treasury yield is near 4.48%.

The Signal

Hormuz is reopening. AI is still raising capital. Micron (MU) tonight and core PCE tomorrow remain the week's two defining tests.

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Oman opened temporary shipping corridors through the Strait of Hormuz and confirmed vessels will move toll free during the current 60-day transition period. The routes run through Omani waters and represent the first operational shipping framework since the June 17 memorandum was signed.

The market has already priced the outcome. Brent crude near $76 reflects a world where supply disruptions fade and tanker traffic normalizes.

The physical system is moving slower.

Mine clearance, insurance approvals, vessel repositioning and shipping confidence still need time. Traffic remains well below prewar levels despite improving conditions.

Politics added another layer. The Senate voted 51-49 to approve a war powers resolution criticizing Trump's handling of the Iran conflict. A presidential veto is widely expected.

Energy Signal

Hormuz has its first functioning corridor. Oil is pricing a completed reopening. The shipping system is still working through the process.

Bank of America now expects three quarter-point hikes from the Fed in September, October and December, which would lift the policy rate to 4.25%-4.50%.

The forecast depends heavily on inflation.

Core PCE lands Thursday. April printed at 3.3%. BofA expects May at roughly 3.5%, which would confirm inflation is moving higher rather than lower.

That would leave the Fed facing three facts at once: inflation rising, payroll growth of 172,000 and a labor market that remains tight.

Warsh inherited a hawkish committee last week. A hot PCE print would give that stance its first major confirmation.

Macro Signal

The market spent last week repricing the Fed. Tomorrow's PCE report determines whether that repricing was correct.

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SK Hynix announced a $2.9 billion U.S. ADR offering only two days after its shares were caught in Seoul's leveraged ETF crash. The move places one of the world's most important memory suppliers directly in front of U.S. institutional investors ahead of Micron's earnings report.

SpaceX (SPCX) stabilized after Monday's collapse. Shares closed near $156 after falling 16% earlier in the week. The company's planned $25 billion bond offering attracted roughly $89 billion in demand, showing investors remain willing to fund large-scale AI infrastructure projects even after the stock's volatility.

Meanwhile, Agility Robotics begins trading today, giving investors a new way to express the AI theme through physical automation rather than chips or software.

Capital Signal

SK Hynix raised capital into weakness. SpaceX attracted nearly $90 billion of bond demand. The AI financing cycle remains intact even as valuations face more scrutiny.

BlackRock's digital assets head Robbie Mitchnick said AI has become the dominant destination for growth capital, helping explain why spot bitcoin ETFs have lost more than $7.8 billion over the past 45 days.

Bitcoin remains near $62,500. Ethereum trades around $1,670.

The long-term bullish argument remains debt and money creation. The short-term reality is capital leaving crypto and moving toward AI infrastructure, semiconductors and new public offerings.

CryptoQuant added another warning. The firm said Strategy's funding model is becoming more constrained as STRC preferred shares remain under pressure and dividend coverage shrinks toward 14 months. Strategy still holds 846,842 bitcoin, but the flexibility behind future purchases is not as large as it was earlier this year.

BlackRock (BLK) also moved roughly $93 million worth of bitcoin and ether to Coinbase custody accounts this week, a reminder that ETF operations continue even as headline flows remain negative.

The Verdict

BlackRock identified the rotation. Capital is moving toward AI and away from crypto. Bitcoin's next catalyst is not adoption. It is inflation and interest rates.

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The market now has its first real evidence that Hormuz is reopening.

Ships are moving. Oil is near $76. The Senate has challenged Trump's war authority. The political phase is beginning as the military phase fades.

At the same time, the AI trade faces its next major checkpoint.

Micron reports tonight. Consensus expects roughly $34.5 billion in revenue and gross margins above 80%. Those numbers would have sounded impossible two years ago. Today they are simply the expectation.

That is the theme running through every market.

The Iran deal is being tested by execution.

The AI trade is being tested by expectations.

The Fed is being tested by inflation.

Micron answers one question tonight.

Core PCE answers the next one tomorrow morning.