WS #7980

The dominant signal in this window is the resignation of Tulsi Gabbard as Director of National Intelligence, confirmed by multiple sources (NPR, Reuters, Bloomberg, and numerous social media posts). Gabbard cited her husband's rare bone cancer diagnosis and will step down on June 30. While this is a political development, it introduces near-term uncertainty in the intelligence community but is unlikely to directly move broad markets. Separately, Kevin Warsh was sworn in as Federal Reserve Chair, with Trump publicly urging him to be 'totally independent' — a counter-signal to fears of political pressure on monetary policy. The Fed rate path remains unchanged (3.5%-3.75%), with no new rate decision in this window. In corporate news, Reddit (RDDT) dropped 6% after Meta (META) launched a standalone Facebook Groups app called Forum, directly competing with Reddit's core business. This is a high-significance MAG7 carve-out: META's competitive move against RDDT is actionable. Also notable: SpaceX filed its S-1 for an IPO, lifting space-adjacent stocks like Velo3D (VELO) and MNTS. The US oil rig count rose by the most in four years, a bullish signal for domestic energy producers (XOM, CVX) but a potential headwind for oil prices if supply increases. The Gabbard resignation is the most cross-corroborated story, but its market impact is low; the META-RDDT competitive dynamic is the most actionable for specific tickers.