WS #7393

The data window shows a tech-led selloff with rising Treasury yields and inflation jitters, consistent with the prior macro narrative. Key developments include: UK gilt stress deepens (30Y at 5.82%, 10Y at 5.13-5.17%) as political uncertainty weighs on sterling, which is heading for its worst week in 18 months. China's commerce minister met with Visa and Qualcomm CEOs, signaling potential easing of US-China tech tensions. Memory pricing mentions hit record highs, underscoring chip shortages and AI demand. Kevin Warsh named new Fed chair as Powell steps down, but faces board pushback. A deadly attack on a Pakistan outpost puts the Afghanistan ceasefire at risk. A new Ebola outbreak confirmed in Congo with 65 deaths. The pound weakened on UK political uncertainty (Burnham leadership challenge). Semis weak post-China, with NVDA, AMD, INTC, MU, SNDK down. Options flow shows bullish SPX call activity. No counter-signals to the prevailing bearish macro thesis emerged.