WS #7987

The dominant narrative from the previous window—Tulsi Gabbard's resignation as DNI and escalating Iran tensions—continues to be corroborated by multiple sources in this window, with additional details emerging. Multiple Bluesky posts and Substack articles confirm Gabbard's resignation, with some sources reporting she was forced out effective June 30. On Iran, a US source indicates Trump may take decisive military action, and Senator Wicker calls for ending negotiations and reopening the Strait of Hormuz by force. These developments are bearish for risk assets and bullish for oil and defense. Separately, a federal judge dismissed criminal charges against Kilmar Abrego Garcia, a man mistakenly deported by the Trump administration, citing vindictive prosecution—this is a medium-significance political/legal development. In corporate news, senior Walmart executives are departing in a reshuffling under the new CEO, confirmed by multiple sources (WSJ, Seeking Alpha, Investing.com), which is a medium-significance negative signal for WMT. The Gabbard resignation and escalating Iran tensions remain the key signals; the bond yield and Fed hawkishness reinforce a bearish macro backdrop. The Abrego Garcia dismissal is a new development but has limited direct market impact.