WS #7869

The dominant signal in this window is the escalation of the Iran nuclear crisis, with Iran's Supreme Leader ordering enriched uranium to stay in the country, challenging U.S. demands and sending oil prices higher. This is corroborated by multiple sources including Bloomberg and Reuters. However, a counter-signal emerged: Trump told Netanyahu that the US and Iran are near a 'letter of intent' to end the war and launch talks on the nuclear program and Strait of Hormuz, which could de-escalate the crisis. Separately, Walmart reported Q1 results with a revenue beat but issued cautious Q2 and FY guidance below estimates, citing elevated costs and consumer pressure. Ralph Lauren beat quarterly estimates with strong revenue and EPS. Nvidia's China revenue fell 53% but total sales jumped 85% as U.S. AI demand surged. The UK Chancellor announced a Great British Summer Savings scheme with temporary VAT cuts. UK service sector PMI slumped sharply. Putin and Lukashenko observed nuclear drills. Ukraine struck the Syzran oil refinery again. Zscaler announced intent to acquire Symmetry Systems. The Iran nuclear standoff remains the primary macro driver, with oil prices likely elevated. Walmart's cautious guidance is a consumer spending headwind.