WS #6635

The dominant signal in this window is the rapid de-escalation of US-Iran tensions, with multiple corroborating sources reporting that the US and Iran are nearing a preliminary peace deal. Bloomberg, BBC, and Al Jazeera all report that Trump has paused 'Project Freedom' just 50 hours after announcing it, and that Iran is evaluating a US proposal. France has announced a maritime coalition ready to escort tankers in the Strait of Hormuz. This represents a sharp reversal from the prior narrative of escalation and is a high-significance counter-signal to the prevailing oil crisis thesis. Oil prices are tumbling on the diplomatic hopes, which will have broad market implications: bearish for energy stocks and bullish for consumer discretionary, airlines, and tech. Separately, AMD continues to see strong analyst support with price target upgrades to $485-$500 following its Q1 earnings beat, reinforcing positive AI sentiment. Apple agreed to a $250 million settlement over AI claims, a minor negative for AAPL but not market-moving. The S&P 500 crossed above 7,300 for the first time, reflecting broad market optimism. The US-Iran de-escalation narrative is now ESCALATING in pace, with concrete diplomatic steps reported.