WS #12831

The dominant signal in this window is a sharp pullback in crude oil prices and energy stocks, driven by reports that the U.S. and Iran could resume negotiations and that Iran will stop military strikes if the U.S. refrains from bombing. This de-escalation counters the prevailing bullish oil thesis from Houthi drone attacks on Saudi infrastructure. WTI crude is down ~6.3% and Brent down ~6.8% in the data. Multiple sources (pro-wire, SeekingAlpha, Investing.com) confirm energy stocks are trading lower on this news. Separately, the S&P 500 and Nasdaq are falling as a chip stock selloff resumes, with the SMH semiconductor ETF down 20% from its June peak. Nvidia is slipping 4% on balance sheet jitters from AI spending. Durable goods orders missed expectations (0.3% vs ~2% expected), adding to macro concerns. On the positive side, Google surpassed $4 trillion market cap, and Tyson/JBS shares surged on U.S. reopening Mexico cattle imports. The Fed decision looms with markets leaning toward a rate hold despite some hike whispers.