SpaceX (SPCX.O) shares fell as much as 4.9% to an intraday low.

China bond futures midday close: 2-year (TS) most-active contract down 0.01%, 5-year (TF) down 0.02%, 10-year (T) down 0.05%, 30-year (TL) down 0.30%.

Military and diplomatic analyst Alexandru Hudistianu said the U.S.-Iran contest over the Strait of Hormuz is not new but carries a serious escalation risk. He argued February U.S.-Israeli strikes on Iran gave Tehran favorable conditions to try to assert control of the Strait as a coercive tool, with Tehran claiming near-absolute authority over the waterway. The U.S. Navy has been escorting multiple vessels via the southern Oman route and has launched broad strikes on Iranian coastal areas in response to attacks on commercial ships. Hudistianu warned the current pattern is unlikely to hold and estimated the two-to-three months since a de facto ceasefire in April may be one of the highest-risk periods, saying continued hardline brinkmanship could tip the confrontation into a more active conflict phase.