WS #8506

The dominant theme remains the Iran de-escalation, which is now being finalized. President Trump posted on Truth Social that he is meeting in the Situation Room to make a final determination, stating the naval blockade will be lifted from both sides, uranium will be unearthed by the U.S. in coordination with Iran and the IAEA and destroyed, and no money will be exchanged until further notice. This is corroborated by multiple sources (Alpaca News, Bluesky posts citing Reuters, Axios). The blockade lift directly impacts oil supply routes, and oil has fallen to near three-month lows. Markets are reacting positively, with the DJIA crossing 51k and QQQ up 10.1% in May. However, Bitcoin continues to slide to $72,500, down 5.5% on the week, putting its two-month winning streak in jeopardy. A federal judge has temporarily blocked Trump's $1.8 billion fund for January 6 defendants, a political development with limited direct market impact. The narrative arc is ESCALATING toward a final deal, with the Iran de-escalation theme intensifying as Trump moves to finalize terms. The Chicago PMI for May crushed expectations at 62.7 vs 51.8, supporting the soft-landing narrative. Kazakhstan has offered to take Iran's uranium stockpile, adding a new dimension to the deal. Dell continues to surge, up 80% since Trump mentioned it, and Wells Fargo raised its price target to $505. The CFTC approved Bitcoin perpetual futures for onshore platforms, a regulatory development that could boost crypto markets. A massive dark pool order of $735M in AVGO signals institutional accumulation in semiconductors.