WS #8874

The Iran-US conflict continues to escalate with fresh military exchanges, as U.S. Central Command reported defeating multiple Iranian ballistic missiles and drones and launching defensive strikes on Iran's Qeshm Island in the Strait of Hormuz. Iran fired missiles toward Kuwait and Bahrain, which fell short or were intercepted, and attacked the U.S. Fifth Fleet headquarters. The fragile ceasefire is fraying, peace talks remain stalled, and Israel's independent actions are complicating Trump's deal efforts. Oil prices are expected to rise further on supply disruption fears, with the Strait of Hormuz traffic normalization market pricing only a 21.5% chance of resolution by June 30. Separately, SpaceX plans to raise $75 billion in an IPO at $135 per share, a significant capital markets event. Bitcoin continues to see outflows, with $IBIT recording a $440M single-day outflow and 11 consecutive days of net withdrawals from spot BTC ETFs. The Supreme Court ruled 6-3 to allow Alabama to use a contested congressional map, a political development with limited direct market impact. Lululemon hired former Nike President Heidi O'Neill as CEO with a $17M+ first-year package, a positive signal for the company's turnaround. Insider sales were reported at MSFT, GILD, AMD, and EQIX, but these are routine and not market-moving. The dominant narrative is the Iran-US conflict, which is ESCALATING.