WS #7577

The dominant theme in this window is a significant escalation in the Iran conflict narrative. Trump issued a new threat of destruction against Iran on Truth Social, while Israel deployed rescue teams near Iran for potential air crew extraction, and Saudi Arabia intercepted three drones originating from Iraq. Separately, a drone strike caused a fire near the UAE's Barakah nuclear plant, with the UAE blaming Iran or its proxies. These events collectively indicate an escalating risk of direct confrontation, which could spike oil prices and weigh on risk assets. In contrast, the Berkshire Hathaway 13F filing revealed a major repositioning: a new $2.6B stake in Delta Air Lines (DAL), increased Alphabet (GOOGL) holdings, and exits from Amazon (AMZN), Mastercard (MA), Visa (V), and UnitedHealth (UNH). This is a high-signal data point for sector rotation. Additionally, the WHO declared the Ebola Bundibugyo outbreak an international emergency, with no vaccines or treatments available, posing a potential biotech/pharma catalyst. The gold death cross pattern and GLD/IAU outflows suggest further downside for gold. The midair collision of two Navy jets at an Idaho air show is a tragic but isolated event with limited market impact.