Good morning! Here's the latest in trending:

Uh-oh! U.S. debt tops $40T as Treasury conducts buyback operations.

AI AirPods: Apple (AAPL) still eyes 2027 launch despite video leak.

Vaccine milestone: Moderna (MRNA) triples in record S&P 500 move.

With diplomacy, military action, and a blockade failing to bring Iran to heel, the Trump administration is now taking a different tack with regard to its goals: Namely, no Iranian nuclear weapon and no tolls in the Strait of Hormuz. It's being referred to as "Economic D-Day" and "economic warfare and isolation on an unprecedented scale."

What's involved? "ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," President Trump wrote on Truth Social. "Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies — It all needs to stop NOW."

Of note, Trump also declared that the U.S. "needs" all its allies to stand with it on isolating and defeating the Iran threat, marking a shift away from rhetoric that the U.S. can go at it alone. Some have already jumped on the bandwagon, like the UAE, which severed all financial ties with Iran this week. The country had been a top trading partner of Iran, providing it with much of its hard currency and foreign goods. However, it also raises questions about how the new sanctions will apply, and a possible confrontation with China, which buys the vast majority of Iranian crude.

Response from Iran: "The so-called "Economic D-Day" is a diversion from America's own crisis: unprecedented debt & surging interest costs," Iranian Foreign Minister Abbas Araghchi said on X. "Doubling down on failed policies will only bring further defeat—and enmity of Iranians. U.S. economic terrorism threatens global economy and sovereignty worldwide." (22 comments)

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META trial: Ex-director calls Instagram safety an 'afterthought.'

Target's (TGT) turnaround brings shoppers back, but at a cost.

Amazon (AMZN) plans drone delivery expansion to 500 cities.

Bitcoin rally wipes out $2.7B in short positions in 24 hours.

SpaceX (SPCX) tried to purchase AI coding startup Cognition.

Unitree CEO: Robotics edging towards 'ChatGPT moment.'

Nike (NKE) pulls back on its small neighborhood store concept.

Hudson River defies AI selloff with $11.4B trading windfall.

Carlyle (CG), JPMorgan (JPM) back hypersonic weapons startup.

SK Hynix (SKHY) may boost shareholder returns by another $130B.

In Asia, Japan +1.4%. Hong Kong +0.8%. China +0.2%. India +0.8%.
In Europe, at midday, London -0.3%. Paris -0.4%. Frankfurt -0.7%.
Futures at 6:30, Dow -0.1%. S&P flat. Nasdaq +0.1%. Crude +2.6% to $86.60. Gold flat at $4,546.910. Bitcoin +11.6% to $71,836.
Ten-year Treasury Yield +2 bps to 4.67%.

Companies reporting today include Alibaba (BABA) and Walmart (WMT).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.