WS #6708

The dominant macro narrative remains the Iran-US conflict and Strait of Hormuz disruptions, but this window shows potential de-escalation signals: a US proposal to end the war reportedly includes steps to restore diplomatic relations, and Iran says it is reviewing the plan. However, Israel conducted airstrikes in southern Lebanon and Gaza, and Russia warned foreign embassies in Kyiv to evacuate ahead of Victory Day, threatening retaliatory strikes. 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.