WS #7357

The dominant signal in this window is the Supreme Court's 7-2 decision preserving nationwide mail-order access to the abortion pill mifepristone, reported by multiple major outlets (NYT, AP, Axios, Guardian, NBC, CBS). This is a legal/political development with limited direct market impact but removes a near-term regulatory overhang for pharmaceutical distributors and pharmacy chains. Separately, the Iran conflict narrative continues to escalate: Israeli Defence Minister stated the mission in Iran is not yet complete, and Gulf states have launched retaliatory strikes on Iranian soil for the first time. This keeps oil supply risk elevated, with WTI around $101 and Brent near $107. India's oil crisis deepens as the Strait of Hormuz remains shut. On the corporate front, Renaissance Technologies' 13F revealed a new Apple stake, exited Amazon, and boosted Nvidia, providing a modest bullish signal for AAPL and NVDA. Nu Holdings (NU) reported Q1 revenue beat ($4.968B vs $4.480B est.) but EPS miss ($0.18 vs $0.19 est.), sending mixed signals. Cerebras Systems' IPO debut was strong, closing with a ~$95B market cap, though below the $100B milestone. The Trump-Xi summit continues for a second day, with Trump posting he hopes the relationship will be 'stronger and better than ever,' which is mildly positive for trade-sensitive sectors. Overall, the macro narrative is STABLE with an ESCALATING geopolitical risk component from Iran.