WS #5780

The dominant signal in this window is the confirmation of Meta's plan to cut 10% of its workforce (8,000 employees), effective May 20, alongside the elimination of 6,000 unfilled positions. This is corroborated by multiple sources including Bloomberg, TechCrunch, and various international outlets. The layoffs are framed as part of an efficiency drive to offset massive AI investments ($115-135B in 2026). This is a high-significance corporate development for META, signaling cost discipline but also potential revenue pressure. Separately, Freeport-McMoRan (FCX) slashed its production outlook due to a Grasberg delay, sending the stock lower. This is a bearish signal for FCX and copper miners. The Fed and FDIC finalized changes easing the community bank leverage ratio, a positive for regional banks. Regeneron (REGN) announced an agreement with the U.S. government to lower drug costs and provide a gene therapy for free, which could pressure other pharma stocks. The Strait of Hormuz tensions continue to simmer, with Israeli Defense Minister Katz stating Israel is ready to 'return Iran to the Stone Age' pending U.S. approval, keeping oil supply risk elevated. European PMI data showed contraction (48.6), with services at 47.4, the lowest since 2021, indicating stagflation risks. The Norwegian sovereign wealth fund reported a record $116B loss in Q1, driven by tech sector weakness. Finally, Warner Bros. Discovery (WBD) shareholders approved the merger with Paramount Skydance, a key milestone for the deal.