WS #6123

The dominant signal in this window is the continued stalemate in the US-Iran conflict, with no progress toward reopening the Strait of Hormuz. Trump rejected Iran's latest proposal because it deferred nuclear talks, and Rubio characterized Iran's conditions as extortion. Oil prices continue to rise (Brent above $108, WTI near $97), and the first LNG shipment since the war began appears to have exited Hormuz, a potential early sign of easing. Separately, Apple announced CEO Tim Cook will be succeeded by hardware chief John Ternus effective September 1, a major leadership transition. OpenAI missed key revenue and user targets ahead of its IPO, a negative signal for AI sentiment. China blocked Meta's $2B acquisition of AI startup Manus, escalating tech tensions. The WHCD assassination attempt on Trump is a security story with limited direct market impact, though it may fuel political uncertainty. Asian stocks are near record highs, with the BOJ, Fed, and ECB meetings this week in focus. Gold is steady near $4,700. The narrative arc on the Iran war is STABLE — no de-escalation, no escalation, just continued deadlock.