WS #12844

The dominant signal in this window is the US-Iran ceasefire/de-escalation, which is driving a sharp oil price crash (WTI down ~7-8% to ~$83) and a broad equity relief rally (Dow +1.1%, S&P +0.8%, Nasdaq +1.1%). This counters the previous bearish energy/inflation thesis. However, a chip rout is weighing on the Nasdaq 100, with NVDA falling behind AAPL in market cap ($4.94T vs $4.74T). Apple has surpassed Nvidia as the world's most valuable company. Meanwhile, Nvidia and OpenAI are in talks for a $250 billion backstop to fund a massive AI data center in Ohio, a high-signal development for AI infrastructure. Palantir is spiking on Oppenheimer's bullish revenue projection. ServiceNow is up 8% on positive earnings. Cracker Barrel CEO steps down after logo backlash. European wildfires are a non-market story. Bitcoin ETF outflows of $465M over two days signal fragile crypto sentiment, but BTC has recovered to $65k on the ceasefire news.