WS #10545

The dominant narrative remains the intensifying tech selloff, with the Nasdaq closing over 2% lower (QQQ worst day since 2008 per some measures) driven by AI bubble fears. Micron (MU) is down ~13% on dark pool activity and retail panic, while NVDA, AMD, and other semiconductors are also under heavy pressure. However, a significant counter-signal emerges: the U.S. Senate voted 50-48 to pass a War Powers Resolution requiring congressional approval for military action against Iran, a direct rebuke to Trump. This is corroborated by multiple sources (Al Jazeera, BBC, NYT, AP, Mediaite, CBS) and could de-escalate geopolitical risk, capping oil upside and dampening defense stocks. Additionally, FedEx reported strong Q4 results (EPS beat by $0.36, revenue beat by $970M) but issued weak FY27 guidance (EPS $16.90-$18.10 vs $21.61 est), sending shares lower. SpaceX is set to raise $25B in its debut bond offering, indicating robust credit demand. The AI selloff is the primary signal, but the Iran de-escalation and FedEx's mixed results provide cross-currents. The narrative arc is ESCALATING for the tech selloff, while the Iran war powers vote is a DE-ESCALATING geopolitical counter-signal.