US equity markets pushed to all-time highs on expectations of a more accommodative US Federal Reserve and strong earnings from AI-related companies, largely shrugging off rising energy costs tied to the conflict in the Middle East.

On the geopolitical front, the US is considering escorting “neutral” vessels through the Strait of Hormuz, while Iran has proposed a new 14-point peace plan. 

For now, caution is warranted. This is one of those cases where headlines move faster than tankers. 

In the Weekly Market Digest, higher fuel prices and their broader economic impact pressured industrial metals and related producers. Notably, the prospect of easing monetary policy failed to spark a rally in the gold and silver space, with both the underlying metals and their equities trading lower. 

The Exploration Insights portfolio followed industrial metal benchmarks lower last week, though it held up better than the struggling precious metals sector.

Within Stock Talk, I review exploration results from epithermal and skarn targets in Nevada, Peru, and Argentina, alongside recent district-scale work in Chile. I also evaluate the revised production profile for a nickel operation and the latest financials from a cash-generating royalty play.