UKMTO reports an oil tanker was involved in an incident while transiting the Strait of Hormuz.

ING strategist Jan Frederik Slijkerman says tech investors are re-evaluating AI exposure despite AI remaining a positive long-term driver. He expects tech companies’ EBITDA to rise but notes persistent investor nervousness. Higher infrastructure spending will lift depreciation and reduce stock buybacks, which could slow EPS growth and compress valuation multiples. Revenue upside from AI may take time to materialize, keeping free cash flow below prior years and narrowing scope for large buybacks as a form of shareholder return.

Fed Governor Waller said he prefers setting the inflation target as a range, but that changing the target now would lack credibility.