WS #13345

Markets are in a strong risk-on session driven by de-escalation in the US-Iran conflict, with oil prices plunging over 5% after Trump called off strikes and announced talks. This is lifting equities broadly, with the S&P 500 up ~1.5% and near record highs, while the 10-year Treasury yield fell ~6bp to 4.686%. 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, ORCL). Boeing jumped ~7.5% on a rare double upgrade from BNP Paribas, FAA certification of the 737 Max 7, and lower oil prices. Meanwhile, the US and Japan confirmed coordinated FX intervention to support the yen, pushing 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.