WS #13364

The dominant market narrative is a sharp risk-on rally driven by de-escalation in the US-Iran conflict, with the Dow closing at a record high and Amazon crossing $3 trillion market cap. This is corroborated across multiple sources (AP, CNBC, GDELT, Newsquawk) and is the primary driver of equity gains, lower oil prices, and falling Treasury yields. However, the situation is fragile: Trump has issued a 'last chance' ultimatum to Iran, and Iran denies direct talks, creating a high-volatility backdrop for oil and energy equities. In corporate news, Palantir's blowout earnings (revenue +93%, US commercial +149%) and raised guidance are a high-significance positive for AI/software names, while Amazon's record market cap and strong AWS growth reinforce the tech rally. Counter-signals include the 25-state lawsuit against Trump's new tariffs, which could dampen the trade-positive sentiment, and the Fed's potential shift to fewer meetings, which introduces policy uncertainty. The yen intervention by Japan/US is a macro event with second-order effects on Treasuries and global risk appetite.