WS #13344

Markets are rallying on de-escalation in the US-Iran conflict, with oil prices plunging ~5-6% after Trump called off planned strikes and announced talks to reopen the Strait of Hormuz. This is driving a broad risk-on move: S&P 500 and Nasdaq up over 1%, 10-year Treasury yield down ~6-7bp, and energy stocks underperforming. Amazon broke above $3 trillion market cap for the first time, surging ~5% on strong AWS growth and AI capex optimism, lifting the entire hyperscaler complex (MSFT, GOOGL, META). Boeing jumped ~7.5% on a rare double upgrade from BNP Paribas, FAA certification of the 737 Max 7, and lower oil prices. Meanwhile, AstraZeneca fell ~8% on reports of a $400B merger exploration with Bristol Myers Squibb, dragging the FTSE 100. The US and Japan confirmed coordinated FX intervention to support the yen, a rare move that pushed USD/JPY below 156. Trump criticized Exxon and Chevron for making 'too much money' from the Iran war, pressuring oil majors. The dominant narrative is de-escalation, but Iran's denial of talks and IRGC threats to strike US warships keep a risk premium in place.