WS #6357

The dominant signal in this window is a major escalation in US-EU trade tensions. President Trump announced a 25% tariff on EU auto and truck imports, effective next week, citing non-compliance with the Turnberry Agreement. This is corroborated by multiple sources (BBC, GDELT, Alpaca, Reuters, WSJ, etc.) and represents a significant escalation in trade policy. The EU has responded, warning of countermeasures. Separately, the Iran ceasefire narrative is stable but fragile: Trump told Congress hostilities have 'terminated' to avoid needing approval, but also said he is 'not satisfied' with Iran's latest proposal, keeping oil risk elevated. Meta's CEO warned of more layoffs due to AI capex, adding to negative sentiment on META. Apple's strong earnings and AI acquisition hints are a positive counter-signal for AAPL. The Spirit Airlines potential shutdown is a sector-specific negative for airlines, with United and American preparing to support customers.