WS #6633

The dominant narrative is the US-Iran conflict de-escalation, but new counter-signals from Iran's Tasnim news agency (Iran has not responded to the latest US proposal, which contains unacceptable conditions; using threats is ineffective) and an Israeli source (Israel was unaware Trump was close to a deal, was preparing for escalation) introduce significant uncertainty. This contradicts the previous bullish de-escalation narrative and suggests the situation is more fragile than markets had priced in. Oil prices are likely to remain volatile, with potential for a rebound if talks stall. Separately, Morgan Stanley launched crypto trading on E*Trade with lower fees, a competitive move that could pressure other brokers. AMD CEO expressed bullishness on AI demand, and Corning's partnership with Nvidia continues to drive positive sentiment in tech. The overall market narrative is shifting from a clear de-escalation to a more uncertain phase, with oil prices potentially stabilizing and equities facing mixed signals.