Good morning. The five-day rally snapped overnight. Asian shares slid 2.1% on news of a fresh US strike on Iran, and the weakness is bleeding into European and US futures. The market was getting comfortable with the ceasefire narrative. The new strike reminds everyone the deal isn't done.

Oil kept sliding despite the new tension. WTI at $89.37, Brent at $96.65. WTI broke under $90 overnight, the lowest since April. The disconnect between oil and the geopolitical headline is the most interesting tell. Either traders see the strikes as contained, or they price the inflation relief from a deal more heavily than the risk premium.

Europe opening sharply lower. Stoxx 600 -0.5% shortly after the bell, most sectors and major bourses red. Same Iran-strike trade running through, no major macro on the European calendar today.

US closed mixed Wednesday. Dow +0.36% to a fresh record, the only headline number. S&P 500 and Nasdaq were essentially flat as the chip sector pulled back. The AI capex trade took a small breather after Tuesday's records. Today's bigger story is the Fed's preferred inflation measure, PCE, dropping later this morning.

Asia was the standout in the wrong direction. The benchmark slid 2.1%, ending the five-day winning streak fueled by peace-deal optimism. Nikkei pulled back from its record highs.

Crypto under pressure. BTC opened at $75,829 yesterday and continued lower, ETH at $2,068. Both at the lowest opens of the week. The $76K-$77K floor that held for two weeks is being tested. Gold at $4,450, down for the second straight session as risk-off and oil weakness pull it both directions at once.

Today's calendar: PCE inflation data this morning is the binary read. Fed minutes from the May meeting are behind us, the next test is whether the inflation print confirms the hawkish caution.

The setup is risk-off into the most important macro print of the week. PCE decides whether yesterday's chip pullback was a one-day thing or the start of something.

Key numbers and the print reaction throughout the morning.