WS #8463

The dominant signal in this window is a tentative de-escalation in US-Iran tensions, with multiple sources reporting a tentative deal to extend the Iran truce. Bloomberg and Al Jazeera both report a 60-day truce extension, and oil edged lower on the news. This counters the prevailing bearish oil/geopolitical risk thesis. Separately, NetApp (NTAP) reported a strong earnings beat (EPS $2.43 vs est., revenue $1.948B, +12% YoY), riding the AI storage boom. This adds to the positive AI infrastructure narrative alongside Dell's recent beat. A large dark pool trade in CRM (1.01M shares, $178M) was detected, and Salesforce CEO Benioff commented on limited expansion, suggesting mixed signals for the stock. Gold bounced after the ceasefire report and weaker-than-expected PCE data. The Strait of Hormuz crisis remains elevated but the truce extension is a clear counter-signal.