WS #13647

The dominant narrative remains the weak US July jobs report (-23k vs +80k expected) and the resulting dovish Fed repricing, which drove a broad risk-on rally: S&P 500 closed at a record 7,757.51 (+0.62%), Nasdaq +1.30%, Dow +0.28%, with the week's gains the strongest since April. September rate-hike odds collapsed to ~42-44% from ~67% a week ago, per CME FedWatch. This is corroborated across multiple sources (GDELT, Kitco, multiple European outlets). Gold broke out to ~$4,340 (+2.39% on the day, +7% on the week) as the dollar and yields fell. Oil fell ~7% on the week (WTI $78.18, Brent $83.55) on Iran peace-deal hopes, though the Strait of Hormuz remains a live risk: 62% of tanker transits since July 14 are 'dark' (AIS off), and the US-Iran deal is still not finalized. The Senate passed the Lindsey Graham Russia/Iran sanctions bill (86-11), which empowers up to 100% tariffs on top buyers of Russian oil (China, India) — a potential oil-supply and trade-policy catalyst, though it needs House passage. Trump renewed his attempt to fire Fed Governor Lisa Cook, a fresh attack on Fed independence that could add policy uncertainty. In single-stock news, Atlassian (TEAM) surged ~35% on a blowout quarter, Cloudflare (NET) +5.6% on a beat-and-raise, while Akamai (AKAM) fell ~7% on weak margins/guidance, Trade Desk (TTD) hit a 7-year low after a Citi downgrade to Sell ($11 PT), and Shift4 (FOUR) fell ~5% on a guidance cut. These are isolated earnings moves, not a sector-wide signal. The macro theme is STABLE/ESCALATING: the dovish repricing is intact, but the Fed independence attack and unresolved Hormuz situation are new risk factors.