WS #14044

The dominant narratives (Middle East tensions, Fed policy split, tech earnings) remain stable with no new data points or counter-signals. Markets continue to digest the previously reported inventory builds and rate expectations. This window carries 6 key development(s), 4 at significance:high: Oil falls ~2% despite Hormuz attacks and US blockade threat; Fed officials split on rate path; September hike odds drop to ~1/3; S&P 500 hits record close on tame inflation, led by Sandisk and Micron; OpenAI annualized revenue run rate surpasses $40B, doubling since year-end. A further 2 development(s) sit below significance:high.