WS #6000

US consumer sentiment slumped to a record low of 49.8 in April, the lowest ever recorded, as the Iran war's inflationary impact on oil and commodities weighs on households. The ceasefire has not alleviated price pressures. Separately, the path for Kevin Warsh to become Fed chair is clearing after Senator Tillis lifted his hold, following DOJ assurances that the investigation into Jerome Powell is dropped. This removes a key uncertainty for monetary policy. The attempted assassination of Trump at the White House Correspondents' Dinner is confirmed as a targeted attack, with the suspect having written an anti-Trump manifesto. While Trump is safe, the event raises security concerns but is unlikely to have direct market impact. Oil sanctions uncertainty persists, with the US not renewing waivers for Iranian and Russian oil, keeping upward pressure on crude. Meta and Microsoft are reportedly planning significant layoffs (8,000 and 8,700 respectively) to cut costs and reallocate resources to AI, which is bearish for tech sentiment but may be seen as positive for margins. Netflix's Q1 beat was met with a ~10% selloff, indicating the market is focused on forward guidance and growth sustainability. The Iran situation remains ESCALATING, with oil supply risks and consumer sentiment deteriorating.