WS #6707

The dominant macro narrative remains the Iran-US conflict, with Strait of Hormuz disruptions and oil price implications. However, this window shows potential de-escalation signals: two US cargo ships successfully navigated the Strait, and Trump says war will end quickly, though Iran claims control. Swiss authorities warn of gas availability uncertainty affecting European electricity stability. The situation is STABLE with mixed signals. On earnings, several major companies reported: McDonald's beat estimates with +3.8% global comp sales, shares up 3% premarket; Howmet Aerospace raised FY guidance significantly; Datadog beat estimates and raised guidance; Peloton beat revenue but missed EPS and lowered FY sales guidance; Zoetis missed and lowered guidance; Charles River lowered guidance. These earnings are individual stock movers but not macro-shifting. The UK reduced the APF ceiling, a minor signal. No MAG7-specific contradictory signals emerged. Carry forward the Iran-US conflict as high significance.