WS #6116

The dominant theme remains the Iran-US conflict, with oil prices steadying as the US weighs an Iranian proposal while the Strait of Hormuz remains shut. Brent crude rose 2.8% to $108.23/barrel, near 3-week highs. German Chancellor Merz criticized US strategy, stating the US is being 'humiliated' by Iran. The IMO rejected Iran's proposed toll on Hormuz transit, stating no legal basis. This is a de-escalation of a potential new escalation vector. Separately, the attempted assassination of Trump at the White House Correspondents' Dinner is now a charged suspect, with political fallout but limited direct market impact. On the macro front, billionaire Ray Dalio warned of stagflation, and Senator Tillis dropped opposition to Trump's Fed nominee Kevin Warsh, clearing a key hurdle for confirmation. In tech, Apple introduced monthly subscriptions with 12-month commitments on the App Store, a potential revenue driver. Cramer warned the chip rally is 'worrisome', comparing it to the dot-com bubble. The NYT reported China blocked Meta's acquisition of AI startup Manus on national security grounds, signaling heightened tech tensions. POET Technologies stock cratered ~34-50% after CFO breach of NDA with Marvell, causing order cancellation. This is a significant negative for POET and a cautionary signal for the semiconductor supply chain. In crypto, Bitcoin whale holdings hit a 5-month high, suggesting potential upside. The narrative arc is STABLE for the Iran conflict, with no new escalation or de-escalation, but the Hormuz toll rejection is a minor positive for oil supply fears. The attempted assassination is a new but contained political event. The tech sector shows mixed signals: AI/IPO enthusiasm vs. Cramer's caution and the POET blow-up.