WS #8524

The dominant narrative remains the US-Iran situation, which is DE-ESCALATING based on new data points. Treasury Secretary Bessent stated at the Reagan National Economic Forum that the US has seized $1 billion in Iranian crypto assets, and that nothing has changed regarding the dollar's reserve currency status. He also said Trump is clear in seeking free, open access to the Strait of Hormuz, and that Iran inflation is probably over 200% with 40-50% of troops not getting paid. However, a White House official anonymously stated that after Trump's two-hour Situation Room meeting, no deal was reached and the administration still hasn't figured out how to end the Iran conflict. This conflicting messaging highlights Trump's struggles to find an off-ramp. Separately, a federal judge permanently blocked Trump from adding his name to the Kennedy Center and enjoined its closure. Dell soared most in two years on a strong outlook. US jobless claims ticked up to 215K. A Danish pension fund blacklisted SpaceX, barring purchases of its shares. The US Space Force awarded a $4.16B contract to SpaceX for a space-based moving target indicator program. Oculis (OCS) fell on a late-stage trial setback for its eye therapy. Jefferies raised CrowdStrike's price target to $775. Jamie Dimon blasted Coinbase's Brian Armstrong over the CLARITY Act. A large dark pool order of 883,600 AAPL shares at $311.11 was detected. The dominant theme is STABLE with no escalation in US-Iran tensions, but the conflicting signals from Bessent and the anonymous official add uncertainty.