Spot silver rose 1.0% intraday to $60.60/oz.

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.

On the 7th local time, Iranian sources said Iran's Islamic Revolutionary Guard Corps took action against an oil tanker in the Oman-side waters of the Strait of Hormuz. Satellite-monitoring data cited by the sources indicated US aircraft were providing aerial cover in the area during the interception.