WS #7675

The dominant narrative remains the US-Iran standoff and elevated oil prices, with no new de-escalation signals in this window. The most significant new development is Intel CEO Lip-Bu Tan's statement that the foundry business is gaining momentum, with improving 18A yields and expected customer commitments in H2 2026. This is a positive signal for Intel's turnaround narrative. Separately, the SEC is reportedly preparing a plan to allow trading of crypto versions of stocks, which could impact crypto markets and traditional exchanges. Ebola concerns are rising after an American tested positive in the DRC, with Trump expressing concern, but this remains contained to Africa for now. The Trump-Xi summit readouts continue to emphasize 'constructive strategic stability,' which is a positive for US-China trade relations but is not new information. The Intel news is the most actionable for US equities in this window.