WS #8332

The dominant signal in this window is a major de-escalation in the Iran conflict, with multiple corroborating sources reporting a preliminary framework for a US-Iran MOU that would lift the Strait of Hormuz blockade and restore commercial traffic within one month. This has triggered a sharp drop in oil prices (WTI below $89, Brent near $95), directly countering the prior bullish energy thesis. The AI/semiconductor rally continues with Micron (MU) joining the $1 trillion market cap club, though profit-taking signals are emerging with record Robinhood volumes and a 1.17x buy/sell ratio. JPMorgan CEO Dimon at the Bernstein conference provided bullish commentary on Q2 trading (up 11%) and investment banking (up 10%+), while also noting the bank is 'overearning' and expenses could be higher. The Iran de-escalation narrative is ESCALATING (bullish for oil importers, bearish for energy stocks), while the AI semiconductor narrative remains STABLE but with profit-taking signals. Other notable developments: Amazon starts selling AI shopping tech to retailers (Kate Spade as first customer), Lululemon rises on settling Chip Wilson feud, and PDD Holdings missed Q1 earnings significantly (EPS $1.38 vs $2.41 est).