WS #10049

The dominant signal in this window is the continued release and discussion of the full text of the US-Iran Memorandum of Understanding (MoU), corroborated by multiple sources including Al Jazeera, Meidas Touch, and numerous social media posts. The 14-point agreement includes significant US concessions: lifting all sanctions, releasing frozen Iranian assets, and a $300B reconstruction plan, while Iran agrees to reopen the Strait of Hormuz. This is an escalation of the prior narrative as the full text is now public, confirming the scope of the deal. Separately, a tech sell-off is in progress with META -5.1%, MSFT -4%, GOOGL -2.9%, AMZN -3.6%, while AVGO and MU buck the trend. The Fed held rates steady at 3.50-3.75% in Warsh's first FOMC meeting, with a hawkish tilt (9 officials see a hike this year, core PCE forecast 3.3%). The Fed's stance acts as a counter-signal to any dovish expectations. In stock-specific news, Micron received bullish analyst upgrades (Deutsche Bank PT to $1500, Citigroup to $1200), and Fortinet disclosed a credential-harvesting campaign targeting its firewalls. France will replace Palantir's AI tools in its domestic intelligence agency with French firm ChapsVision, citing strategic dependency concerns. The US-Iran deal is the primary macro narrative, likely to pressure oil prices lower (bearish for energy, bullish for airlines/consumer), while the Fed's hawkish hold caps risk appetite. The tech sell-off is notable but may be a rotation rather than a systemic shift, given semis like AMAT and LRCX are green.