WS #13333

The dominant narrative remains the fragile US-Iran de-escalation, which is STABLE but with notable cross-currents. Oil prices tumbled ~6% after Trump called off strikes on Iran, lifting equities (Dow +600, S&P +1.3%) and travel stocks, while chip stocks resumed their slide (MU -5%, INTC -4%, AMD -3.6%, SK Hynix -8.8% ADR). Amazon crossed $3 trillion market cap for the first time, up ~5% to record highs, driven by strong Q2 results and AWS growth, corroborated across multiple sources. The July ISM Manufacturing PMI surged to 55.6 (vs 53.9 expected), the strongest since May 2022, with prices paid at 71.1, reinforcing higher-for-longer Fed expectations and pressuring the euro. Boeing shares rose ~5% after FAA approved the 737 MAX-7, clearing path to commercial service. AstraZeneca-Bristol Myers merger talks ($400B) were rejected by investors, with AZN down 8% and BMY down, signaling deal skepticism. SpaceX reports first earnings Tuesday with lockup expiry Thursday, short interest ~31-34%, creating binary risk. The cyclospora outbreak (first two deaths in Michigan, 11,234 cases) pressured Sweetgreen (-7%) and Yum (-2%).