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US-Iran Truce Holds as Oil Plunges, CXMT Rally Contrasts Chip Selloff, Apple Reclaims Top Market Cap

• ▸The U.S.-Iran pause in hostilities continued to hold, sending oil prices sharply lower (Brent fell below $90) and Treasury yields down; the IMF warned that oil markets have depleted all three of their "shock absorbers." U.S. stocks closed mixed, with the Dow up 0.51%.
• ▸Chinese memory-chip maker CXMT surged about 470% in its Shanghai market debut, becoming China's most valuable listed company, while ASML and other U.S. chip stocks sank on a report of a Chinese breakthrough in DUV lithography technology.
• ▸Apple overtook Nvidia to become the world's most valuable company, with Apple shares up more than 22% year to date.