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Trump extended the US-Iran ceasefire open-ended, keeping the US blockade until talks end. Killing US troops, he said, would be a “very good reason” to restart. An open-ended truce with an open-ended blockade. Neither side has to move, and neither is. Reuters
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Hezbollah rejected the Israel-Lebanon ceasefire a day after it was reached. Israeli strikes killed four in Lebanon as the deal collapsed. Yesterday it was a conditional deal. Today it is not a deal at all. AP
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The May jobs report lands at 8:30am Eastern. Economists expect about 85,000 jobs added, down from April, with unemployment near 4.3%. Hiring has cooled since March’s 185,000. A soft May would extend the slide. BBG
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US jobless claims rose to 225,000 last week, the highest since early February. The layoffs are slow but steady. The labor market is fraying at the edges. Today’s payrolls number will show how much. DOL
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The Dow closed at a record Thursday, up 1.73% — about 874 points. The Nasdaq slipped as money rotated out of tech. The Dow at a record, the Nasdaq down, and a war on. Strange market. CNBC
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Lululemon sank 11% after cutting its full-year guidance. ServiceTitan rose 13% on raised guidance; Argan gained 12% on an earnings beat. The consumer names are warning. The contractors and builders are not. Read into that. CNBC
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Trump said he would be “honored” to meet Iran’s new Supreme Leader. He named Ayatollah Mojtaba Khamenei a likely “professional” with a good reputation. The son now leads Iran. His father was killed in the war’s opening strike. Fox
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Allies and critics warned Trump risks getting boxed in on Iran. The war is now in its fourth month with no endgame. No deal, no exit, no clear next move. The holding pattern is its own decision. AP
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WTI slipped about 1% Thursday to near $95 as Iran-deal hopes briefly firmed. Hezbollah’s rejection late in the day reignited supply fears. The price keeps swinging on every headline. The risk premium is not going anywhere. BBG
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Ebola has spread across 24 health zones in Congo as contact tracing falters. Trackers are reaching only about 44% of known contacts. 363 confirmed cases, 62 deaths, and the tracing is breaking down. A bad combination. Reuters
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