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Dow ground out a marginal +0.05% to 50,669, lagging tech-led peers as defensives and rate-sensitives waited for Friday's PCE inflation print before committing.

Dow is the cyclical/value side of the record-high party — without a fresh rotation catalyst, it tracks but doesn't lead. The Iran-deal trade benefits transports and energy unevenly.

PCE inflation Friday — a hot print would hit rate-sensitive Dow components first. 51,000 is the round-number target; support 50,200. Energy weight matters if oil headlines whipsaw.

EUR/USD bounced to 1.1654 (+0.31%) as the dollar slipped on Hormuz ceasefire optimism, even after US strikes complicated the picture. Range traded tight all session as traders weighed conflicting Iran headlines.

Euro is the cleanest dollar-funded carry when oil-driven dollar strength fades. With DXY at 98.99 and US10Y near 4.46%, the relief rally favors EUR over higher-beta crosses while geopolitical resolution remains uncertain.

EU CPI flash print tomorrow is the main catalyst — ECB pricing still hinges on services inflation stickiness. 1.1700 caps upside; a clean Hormuz deal headline could push there. Loss of 1.1600 reopens 1.1550.