WS #7429

The dominant macro narrative remains bearish, with Wall Street pricing out rate cuts and eyeing hikes as the global bond selloff deepens under new Fed Chair Warsh. Tech and semiconductor stocks are trading lower on rising yields and inflation concerns. However, several high-signal developments emerge in this window. The most significant is the Amgen (AMGN) safety crisis: Kissei told doctors to stop prescribing Amgen's Tavneos drug to new patients after 20 deaths in Japan, confirmed by WSJ and Investing.com, sending AMGN stock lower. This is a high-signal negative for AMGN. Separately, SpaceX IPO details solidify: multiple sources (Coindesk, CNBC, Reuters) confirm June 11 pricing, June 12 debut on Nasdaq under ticker $SPCX, with a $70B-$75B raise. This is a high-signal positive for space proxies and the IPO market. Dark pool alerts show large institutional orders in IWF ($142M), SMH ($223M), and META ($202M), suggesting institutional accumulation despite the macro headwinds. Druckenmiller's 13F reveals a new large buy of AVGO and added ROKU, a high-signal positive for those tickers. Geopolitically, Iranian FM Araghchi says Iran will protect security in the Strait of Hormuz, and US Treasury Secretary Bessent says China will help reopen the strait, but Polymarket traders remain skeptical. The US is dialling down support for Taiwan, suspending a $14bn arms sale. Ebola outbreaks in Congo and Uganda are being monitored by the CDC. The prevailing macro narrative is bearish (rising yields, inflation, consumer stress), but the SpaceX IPO acceleration, Druckenmiller's AVGO buy, and the Amgen safety crisis are high-signal developments that could move specific tickers. The Amgen news acts as a counter-signal to the broader healthcare sector's relative strength.