WS #10591

The dominant signal in this window is the continued de-escalation of the Strait of Hormuz crisis, with multiple sources confirming normalization. The UN nuclear chief confirmed IAEA inspections will visit Iran sites as part of the US-Iran war deal, and Iranians are cautiously optimistic about the deal. Brent crude fell below $75, and a tanker (Pyxis Karteria) safely exited the Strait. This counters the bearish energy thesis. Separately, the global chip rout continues with Micron leading declines ahead of earnings; FDX beat but fell on guide/margins/trade uncertainty. Qualcomm acquired Modular for ~$4B to challenge Nvidia. Sunrun surged 19% on a data center power partnership with Tesla. Paychex reported in-line results. InMode received an unsolicited buyout proposal at $16.20/share. The narrative arc for Hormuz is DE-ESCALATING, while the chip selloff is ESCALATING.