U.S. markets turned mixed mid-session as cooler-than-expected inflation data boosted tech but geopolitical tensions and IBM's massive earnings miss weighed on sentiment. Oil surged as Trump's naval blockade of Iranian ports took effect at 4 PM ET, while major bank earnings kicked off strong.
→ Fed Chair Kevin Warsh's congressional testimony hitting the tape this afternoon—market looking for signaling on inflation outlook and rate path given cooler CPI data.
→ Trump's Iranian blockade enforcement begins 4 PM ET; watch for tanker market reaction and any escalation; oil volatility key risk through market close and after-hours.
→ Bank earnings parade continues: Citigroup, Wells Fargo, Truist on deck; Street bracing for more profit warnings in software and AI infrastructure after IBM's shocker.