Editorial companion

What stands out

Oil reacted to a headline, President Trump saying a tentative ceasefire with Iran is over, and the market reacted fast, lifting ExxonMobil (XOM) and Chevron (CVX). At the same time Nvidia (NVDA) has given back much of its recent froth, a roughly one trillion dollar market-value retreat that sent memory names like Micron (MU) and Sandisk (SNDK) moving. The episode is a neat reminder that geopolitics can re-rate old economy cash flows overnight while sentiment rotations in semiconductors can suddenly reorganize where growth lives in portfolios.