WS #8268

Markets opened higher on Tuesday, with the S&P 500 making its 18th all-time high in 2026, driven by risk-on sentiment and hopes for a de-escalation in the Iran conflict. The dominant narrative remains the US-Iran crisis and its impact on energy markets, which is STABLE with no new material developments. A key counter-signal emerged: economists warn that even after the Strait of Hormuz reopens, oil prices may take over 6 months to fall due to damaged infrastructure, depleted strategic reserves, and oil company profit motives. This dampens the bullish oil thesis by suggesting any price relief will be delayed. On the corporate front, Dropbox CEO Drew Houston stepping down after 19 years is confirmed by multiple sources (CNBC, Seeking Alpha, SEC filing), making this a high-signal event for DBX. Micron (MU) is surging after UBS raised its price target from $535 to $1,625, citing AI-driven structural changes in memory, with multiple short liquidations reported. Other notable signals: Bloom Energy extending its rally on AI data-center demand, and the Supreme Court declining to hear Meta's bid to avoid a Vermont lawsuit over Instagram addicting teens, which is a negative for META. The Iran situation remains the macro backdrop, but the key developments this window are the Dropbox CEO transition, the Micron analyst upgrade, and the Meta legal setback.