WS #5764

The dominant signal in this window is the escalating Iran-US conflict, with multiple corroborating developments. The US Navy has intensified its blockade, turning back 33 vessels from Iranian ports, and seized another tanker. Iran's parliamentary speaker Ghalibaf has stepped down from negotiations after Revolutionary Guard intervention, indicating a hardline shift. VP Vance and Secretary Rubio were summoned to the White House as Israel awaits US approval to resume strikes, and Netanyahu has scheduled a security assessment. This is driving oil prices higher and sector rotation. Separately, Tesla reported Q1 earnings that beat estimates on both EPS and revenue, with gross margin of 21.1% well above the 17.7% estimate, a bullish signal for TSLA that contradicts the broader tech selloff narrative. The SOX index crossed 10,000 for the first time, a bullish milestone for semiconductors. Warner Bros shareholders approved the merger with Paramount Skydance, a significant media consolidation event. Morgan Stanley slashed its gold price target by nearly 10%, a bearish signal for gold. The EU formally approved a €90 billion loan package for Ukraine, a positive for defense and geopolitical stability. The IEA's emergency oil shipments to Europe are underway, partially offsetting supply disruption fears.