WS #8516

The dominant theme remains the escalating U.S.-Iran nuclear deal narrative, now at a critical inflection point with conflicting claims creating high uncertainty. Trump stated he is meeting in the Situation Room to make a 'final determination' on a possible deal (Al Jazeera, multiple sources), setting conditions including no nuclear weapons, open Strait of Hormuz without tolls, and removal of mines. However, Iranian sources continue to dispute key terms, with Iran's top negotiator emphasizing actions over promises. Oil is trading lower on deal hopes, and European stocks notched a monthly advance on the same sentiment. The narrative is ESCALATING with high volatility. Separately, a federal judge temporarily blocked Trump's $1.8 billion 'anti-weaponisation fund' (BBC, multiple sources), a significant political development. On the corporate side, Okta stock surged 28% to a 52-week high on strong cRPO growth and raised outlook (multiple sources). Dell's blowout AI sales continue to lift hardware stocks. Goldman Sachs says M&A activity is on pace to rival the 2021 frenzy. Deutsche Bank raised its 10-year Treasury yield forecast on Fed view. The Louisiana GOP passed a new congressional map eliminating a majority-Black district (multiple sources).