WS #12866

The dominant narrative remains the Middle East energy infrastructure escalation, but the US-Iran hold-fire enters its third day (Al Jazeera, multiple sources), acting as a counter-signal to the supply disruption thesis. Oil prices are likely under pressure from de-escalation hopes, but Houthi drone attacks on Saudi oil infrastructure continue (multiple sources), creating a tug-of-war. Separately, Apple regained the world's most valuable company title from Nvidia, as Nvidia fell 5% on AI spending concerns (CNBC, MarketWatch). Celestica reported a strong Q2 beat (EPS $2.54 vs $2.31, revenue +62% YoY) and raised guidance, surging ~10% after hours, signaling robust AI/hardware demand. Nvidia plans a $250B push to bolster OpenAI's infrastructure (Al Jazeera), a massive capex signal that could reignite AI spending concerns. BlackRock's $12.3B bond sale tied to Meta drew strong demand, contrasting with broader AI bond market cracks. Also notable: CME's debut of 24/7 gold futures trading met with strong demand (Bloomberg), and China's gold stockpile could surpass US within five years (BMO).