WS #6363

The dominant signal in this window is the formal termination of US-Iran hostilities, with President Trump notifying Congress that the war is over, which has driven S&P 500 and Nasdaq to record closes. However, this is countered by Trump's dissatisfaction with Iran's peace proposal and his announcement of 25% tariffs on EU auto imports, escalating trade tensions. Oil prices remain elevated above $100/bbl, with gas prices surging and the Strait of Hormuz still disrupted. Spirit Airlines is preparing to shut down after bailout talks stalled, which could impact travel and airline stocks. On the MAG7 front, Apple (AAPL) shows a large dark pool trade of $296M, while Meta (META) is reportedly moving to acquire robotics firm Assured Robot Intelligence, a bullish signal for META. The US 2027 budget request includes no funding for Ukraine, a bearish signal for defense stocks. The narrative arc is mixed: the Iran war is de-escalating (terminated), but trade war with EU is escalating, and oil/energy crisis is stable at high levels.