WS #13538

The dominant theme remains the US-Iran conflict and Strait of Hormuz, now showing signs of de-escalation with multiple sources reporting a deal is 'close' between Iran and Oman, though Iran denies formal talks with the US. Brent crude is up ~3.76% to $82.44, with oil prices elevated on lingering supply risk. A counter-signal emerges: Iran is mulling stricter transit rules, fining vessels from US/Israel up to 20% of cargo value, which could offset de-escalation hopes. The SpaceX lockup expiry is a high-significance event, with the stock trading higher and the broader space trade rallying; Musk's Terafab announcement (25% Tesla Optimus, 75% AI spacecraft) is a major TSLA catalyst. Earnings season continues with notable movers: SanDisk (SNDK) and Western Digital (WDC) fell on guidance despite strong results, AppLovin (APP) tanked 17% on Q2 revenue miss, Insmed (INSM) surged 33%, and Fox (FOXA) rose on World Cup ad boost. The FCC scrapped the 39% local TV station ownership cap, setting the stage for media consolidation. The US issued new Cuba-related sanctions targeting individuals in China and Russia, a geopolitical escalation. The ClarityAct was not on the Senate schedule, a negative for crypto. The dominant narrative is ESCALATING on the Iran conflict, with oil price risk and munitions depletion concerns, but the Iran-Oman deal is a counter-signal. The SpaceX lockup expiry is a high-significance event with stock trading higher, and the Terafab announcement is a major catalyst for TSLA. Earnings season continues with notable movers: AppLovin (APP) tanked 17% on Q2 revenue miss, SanDisk (SNDK) and Western Digital (WDC) fell on guidance despite strong results, Insmed (INSM) surged 33% on narrowed loss and raised guidance, and Fox (FOXA) rose on World Cup ad boost. The FCC scrapped the 39% local TV station ownership cap, setting the stage for media consolidation. The US issued new Cuba-related sanctions targeting individuals in China and Russia, a geopolitical escalation. The ClarityAct was not on the Senate schedule, a negative for crypto.