WS #13367

The dominant theme is the US-Iran de-escalation narrative, which is STABLE but with a new counter-signal: a cargo vessel was struck by an unknown projectile in the Strait of Hormuz near Oman (UKMTO warning 104-26), and explosions were heard in Kuwait and Iraq. This contradicts the market's risk-on assumption that the Strait is reopening, and could reverse the oil price decline (WTI settled down 5.5% on de-escalation hopes). However, the broader market rally (Dow +1.32% to record, Nasdaq +2.13%, S&P +1.48%) was driven by tech strength and falling oil, with Amazon crossing $3 trillion market cap after strong earnings. Palantir reported blowout Q2 results (93% revenue growth, raised guidance) and jumped ~9-12% after hours, a high-significance single-name catalyst. Separately, 25 US states sued the Trump administration over new tariffs (10-12.5% on 60 partners), a legal challenge that could disrupt trade policy and hit importers. Apple faces a MacBook Air shortage due to DRAM price surge, leading to price increases and delivery delays, a negative for AAPL near-term. Jeff Bezos sold $4 billion of AMZN shares, a notable insider sale that could weigh on sentiment despite strong earnings. The Iran deal narrative is being tested by fresh shipping attacks, so oil and shipping names (MATX, ZIM) could see volatility.