WS #13323

The dominant market narrative is a US-Iran de-escalation, with President Trump calling off strikes and announcing talks, which has driven oil prices down sharply (WTI below $80, Brent down ~7%) and boosted equities. However, Iran denies talks, creating uncertainty. Amazon's market cap crossed $3 trillion on strong AWS growth and AI capex, a major positive for tech. The US-Japan yen intervention and its impact on carry trades is a key risk for crypto and risk assets. Defense stocks are mixed as de-escalation reduces immediate conflict risk, but Pentagon interceptor production deals provide support. The situation is ESCALATING in terms of market volatility due to conflicting signals on Iran diplomacy.