WS #6110

The dominant theme in this window is the escalating Iran-US conflict, with multiple sources reporting a stalemate in peace talks and rising oil prices. Iran has proposed reopening the Strait of Hormuz in exchange for the US lifting its blockade, but the US has rejected this, demanding nuclear concessions first. Oil prices surged, with WTI up ~2% to $96.37 and Brent up ~2.75% to $108.23. Goldman Sachs raised its Q4 2026 Brent forecast to $90. S&P 500 and Nasdaq hit new record closes, but Dow edged lower. The attempted assassination of Trump at the WHCA dinner is a major political story but has limited direct market impact beyond potential volatility. On the corporate front, NOV reported a Q1 EPS miss ($0.05 vs $0.15 estimate) citing Middle East disruptions, while Celestica (CLS) beat estimates and raised guidance. Bloom Energy (BE) surged after-hours on a deal to supply fuel cells for Oracle's data center campus. Google employees protested military AI use, a potential reputational risk. The Fed is expected to hold rates this week. The narrative arc is ESCALATING for the Iran conflict, with no de-escalation signals. The attempted Trump assassination is a new high-significance political development but its market impact is muted so far.