Stocks are wobbly and oil is elevated again as the U.S. slaps a toll on Hormuz shipping — mixed for investors, with a clear "sell hardware, buy software" bet underneath.

• The Strait of Hormuz is being blockaded again, and Trump is answering with a 20% "protection fee" on ships passing through.
• Oil is back near $80 on Brent, a third higher than the start of the year, because only about a third of the trapped oil has found other routes.
• Government bond yields are pushing toward a key ceiling as Trump's tariffs and fees keep stoking inflation fears, raising the risk the Fed is forced to hike rates.
• The Nasdaq is sliding as tech hardware looks top-heavy; the smart money move now is rotating out of chip and server stocks into software.
• Software names with sticky business platforms — Salesforce, UiPath, Palantir, Meta — are the picks, since big banks and hospitals rent these tools rather than build their own.

Outlook: Watch Kevin Warsh's inflation testimony in Congress this week and software earnings, with a software bottom possibly forming in the third quarter.