WS #13000

The dominant narrative is the escalating US-Iran conflict, with multiple corroborating sources reporting new developments: Saudi Arabia has entered the war with strikes in Iraq, and a Greek-owned LNG tanker was struck by a drone at Egypt's Damietta port, causing a fire that spread to a second vessel. This has pushed oil prices sharply higher and is driving a broad market selloff, with the Dow Jones down over 800 points and tech stocks continuing to slide. The Fed's interest rate decision at 2:00 PM ET is the other key event, with Polymarket data showing heavy trading on rate outcomes, though the prevailing expectation is no change. Apple hit a record high ahead of its earnings tomorrow, providing a notable counter-narrative to the broader tech weakness. Retail investors are dumping single stocks at the fastest pace since the COVID crash, and Nvidia dip-buying remains unusually weak, signaling a lack of confidence in the AI trade.