Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.

Good morning! Here’s the latest in trending:

LSE 24: London Stock Exchange (LSEGY) plans to launch round-the-clock trading.

New plastic: Samsung (SSNLF) rivals Apple (AAPL) with its first U.S. credit card.

Avoid stocks? Dimon says investors are underestimating global economic risks.

Wall Street is watching as more details about the Iran war and U.S. military needs are set to be made public today. Starting at 10 AM ET, Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine are set to testify on Capitol Hill in front of the Senate Appropriations Committee. Under discussion will be the Trump administration’s recent supplemental funding request, which includes $67.1B to cover operational expenses and the replenishment of munitions used in current fighting in the Middle East.

Snapshot: Shipping traffic through the Strait of Hormuz has dwindled as Iran seeks ultimate control over the waterway and continues to target tankers that don’t abide by its “approved routes.” The Islamic Republic has also continued to fire ballistic missiles and drones all over the region as the U.S. ramps up the intensity of its nightly airstrikes. Two American service members were killed on Friday in Jordan, while another death likely took place, bringing the total number of U.S. military casualties to over a dozen in the ongoing conflict. U.S. issues worldwide caution alert for Americans living abroad

“Every time Iran kills an American Soldier they will pay for that killing many times over!” President Trump wrote on Truth Social, with CENTCOM announcing fresh strikes on “military command centers, maritime capabilities, missile and drone launch sites, and air defense systems.” More refueling aircraft are also set to arrive in the region soon, as the U.S. expands its capabilities with additional SEAD aircraft and fighter jets. Trump has previously threatened to broaden Iranian targets to energy plants and bridges, bomb the nuclear-linked site known as Pickaxe Mountain, and even send forces to seize the oil hub of Kharg Island.

Go deeper: U.S. lawmakers are expected to press Hegseth and Caine on the long-term strategy for dealing with Iran. That includes how the Pentagon plans to use its request for supplemental spending, as well as the wider risks associated with continued escalation. It’s already happening. On Monday, Iran activated its proxy in Yemen, with the Houthis threatening the key chokepoint of Bab al-Mandab by imposing a maritime blockade against Saudi Arabia and its East-West Crude Oil Pipeline. Crude prices haven’t climbed as much as some expected – why?

Here’s the latest Seeking Alpha analysis

Micron: This Is A Golden Opportunity

Why I’m 80% Cash While Everyone’s Busy Blaming Kimi K3

U.S. Deficit Is Exploding: How I’m Positioning For What Comes Next

Nvidia: The AI Stack Is Changing

AI Is In A State Of Panic: Start Buying It

What else is happening…

WSB survey results: The American Dream is alive!

Farnborough Air Show gives eVTOL stocks a lift.

Trump imposes 50% tariff on certain Canadian goods.

Snap (SNAP) nears settlement in teen addiction lawsuit.

France orders internet providers to block POLYMARKET.

Intel (INTC) starts new round of layoffs in data center group.

Icahn (IEP) to sell auto-service chain Pep Boys for $700M.

Alphabet’s century bond: Oversubscribed to under pressure.

Warner Bros. (WBD) falls as Paramount (PSKY) deal paused.

Mercedes seeks changes in bill to ban China-linked automakers.

Today’s Markets

In Asia, Japan +3.3%. Hong Kong flat. China +1.8%. India -0.3%.
In Europe, at midday, London +0.3%. Paris +0.3%. Frankfurt +0.4%.
Futures at 6:30, Dow +0.3%. S&P +0.5%. Nasdaq +1.4%. Crude +0.6% to $82.97. Gold +1.4% to $4,072.20. Bitcoin +3.3% to $66,353.
Ten-year Treasury Yield unchanged at 4.60%.