WS #6764

The dominant signal in this window is a significant escalation in US-Iran hostilities, with multiple sources reporting US strikes on Iranian vessels and coastal areas, and Iran accusing the US of ceasefire violations. This is corroborated by NBC, Al Jazeera, and multiple breaking news alerts on Bluesky. The situation is further confirmed by reports of US strikes on at least two locations in Iran and Iran claiming the US bombed civilian boats in the Strait of Hormuz. European equity futures are already reacting: Eurostoxx 50 futures down 0.8%, DAX futures down 0.7%, FTSE futures down 0.5%. US stock futures are also falling on renewed Iran hostilities. The narrative is clearly ESCALATING, with no de-escalation signals in this window. The US federal court striking down Trump's backup tariff plan is a secondary development that may offset some trade-war fears but is overshadowed by the geopolitical crisis. Cloudflare's 20% workforce layoff is a notable corporate signal, indicating a shift to AI-first operations. Nvidia's funding of Corning plants is a positive for both tickers.