WS #13328

The dominant US-Iran de-escalation narrative is ESCALATING with new developments: Trump canceled a planned strike, talks are set to resume, but US officials deny new negotiations are planned, and Iran refuses to reopen Hormuz. This has driven Brent crude down over 7% to ~$83.4, European natural gas down 4%, and boosted equities (Dow +1.05%, S&P +1.18%, Nasdaq +1.82%). Amazon crossed $3 trillion market cap (+4.6-5.3%) on strong Q2 AWS results, a major MAG7 positive. Boeing's MAX 7 received FAA certification, a positive catalyst for BA. Atkore surged on a $95/share acquisition by Prysmian (30% premium). AstraZeneca fell ~9% on merger talk with Bristol Myers, a negative for AZN. Copper prices are near record highs on AI demand, supporting miners. The Fed's Williams signaled support for a hike if inflation doesn't cool, reinforcing hawkish expectations. Bitcoin is under pressure, falling below $63K with ETF outflows, contrasting with equity strength. Cyclospora outbreak deaths in Michigan could pressure produce companies. Overall, the market is rallying on oil price relief and tech strength, but geopolitical uncertainty and hawkish Fed remain risks.