WS #12928

The dominant signal in this window is a sharp de-escalation in US-Iran tensions, driving a ~5.8% drop in Brent crude to ~$80/barrel. Multiple sources (GDELT, Al Jazeera, Bloomberg, Reuters) confirm diplomatic progress, with Trump ordering a halt to new strikes and Iran suspending retaliation. This counters the prior bearish thesis of sustained geopolitical risk. Separately, Apple's market cap briefly surpassed $5 trillion, becoming the second company ever to do so, driven by positive sentiment around its Upgrade leasing program and AI strategy. The Senate is set to vote on a combined Russia-Iran sanctions bill, which could add secondary pressure on oil markets but is secondary to the de-escalation narrative. Tech selloff continues on AI capex concerns, with chip stocks like Micron and Marvell under pressure, while the Dow rose on strong earnings from Boeing and Coca-Cola. The narrative arc is ESCALATING for de-escalation (new details confirm ceasefire holds) and STABLE for tech selloff (no new catalysts).