WS #7057

The dominant narrative remains the escalating Iran crisis, with multiple sources confirming Trump's rejection of Iran's offer and rising tensions. A key development is Trump's proposal to suspend the federal gas tax (18.4 cents/gallon) to offset surging fuel prices, which acts as a counter-signal to the bearish consumer spending thesis. Crude oil is up 3%, and a Pentagon nuclear submarine deployment near Gibraltar suggests potential Strait of Hormuz disruption, with Polymarket showing heavy trading on Iran peace deal and oil price spike contracts. The consumer discretionary sector is trading lower on inflation fears. Separately, Elon Musk will join Trump's China trip while Nvidia's Jensen Huang was not invited, a MAG7 carve-out that could impact TSLA and NVDA sentiment. The UK political situation is escalating with Labour MPs moving against Starmer. Lumentum (LITE) surges on Nasdaq-100 inclusion. Rocket Lab (RKLB) hits all-time high on M&A roll-up strategy.