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Apple (AAPL.O) became the second company to reach a $5 trillion market capitalization intraday on Tuesday, with shares rising as much as 1.8% to $342.89 and market value briefly above $5 trillion before retreating. A close above $340.43 would confirm the threshold. NVIDIA (NVDA.O) had earlier closed at a record $5.7 trillion on May 14 but has since lost about $1 trillion in market value. Apple is currently the largest company by market cap in the S&P 500.

Iran’s deputy foreign minister said he has proposed talks with Oman on a temporary shipping lane through the Strait of Hormuz to replace the current north-south route. He said Oman proposed a lane with 50% control for Iran and 50% for Oman; Tehran rejected that, insisting the inbound lane must be fully under Iranian control and that part of the outbound lane should also be under Iranian control. He warned Iran will never recognise the strait’s southern route even for an hour and said if Oman rejects Tehran’s proposal the strait will remain closed and Iran is prepared to restart war; if Oman accepts Iran’s terms, Tehran will move to the next stage.