Reports: US Military Carried Out Strikes in Strait of Hormuz Area | Balance of Power 05/07/2026

Summary

The episode covers breaking reports of US military strikes in the Strait of Hormuz area and Iran's claims of ceasefire violations, with analysis from former Defense Secretary Mark Esper. It also discusses Tennessee's redistricting map eliminating the only Democratic seat, a US trade court ruling Trump's 10% tariffs unlawful, and the Pentagon's fumbled blacklist of Chinese firms. Market movements are briefly noted with stocks pulling back from record highs and oil fluctuating.

• Reports of US strikes in Iran and Strait of Hormuz, with US Central Command saying they intercepted unprovoked Iranian attacks.
• Former Defense Secretary Mark Esper assesses the conflict as a strategic stalemate likely resolved through negotiation.
• Tennessee adopts a new congressional map eliminating the state's only Democratic seat, sparking redistricting debate.
• US trade court declares Trump's latest 10% tariffs unlawful, adding trade policy uncertainty.
• Pentagon briefly published then removed a blacklist of Chinese firms tied to the military, exposing internal miscommunication.
• Market recap: S&P 500 down 0.4%, oil fluctuates, energy and materials lead declines, while tech and communication services outperform.
• Earnings after-hours: CoreWeave posts wider loss, Coinbase revenue down 31% from last quarter.
• Gasoline prices remain above $4.50/gallon, influencing political pressure on the administration.