WS #10076

The dominant signal in this window is the US-Iran deal narrative, which is now being corroborated by multiple major outlets (Bloomberg, NYT, Axios) with specific details that contradict Trump's earlier claims. Bloomberg reports the deal has taken effect with focus turning to the Strait of Hormuz. NYT and Axios both highlight that the deal falls short of Trump's promises, with core issues unresolved including a $300bn question. This is a de-escalation of geopolitical risk but introduces implementation risk and political uncertainty. Separately, US stock futures surged after the deal signing, but the S&P 500 and Nasdaq closed down >1% on hawkish Fed bets, creating a mixed macro picture. Hezbollah rocket attacks on Israeli soldiers in South Lebanon (17 casualties) add a regional risk factor that could offset some of the Iran deal's positive sentiment. Insider selling at Snowflake (SNOW) and CrowdStrike (CRWD) is notable but not market-moving alone. SpaceX overtaking Microsoft in market value is a symbolic milestone but lacks immediate trading implications.