WS #9068

The dominant theme remains the US-Iran conflict, which is ESCALATING despite nominal ceasefires. Iran has fired warning missiles at US warships in the Gulf of Oman and struck Kuwait's airport, while Iran's foreign minister warned US bases are legitimate targets. Iran also threatened to close the Strait of Hormuz if Trump strikes power plants. The UN's WFP warned the war could push 45 million into hunger. On the macro front, the strong May jobs report (172K jobs added) continues to dampen rate cut expectations, with Cleveland Fed's Hammack signaling rates may need to rise. This is reinforced by Seeking Alpha commentary. In corporate news, Reid Hoffman is stepping down from Microsoft's board, a notable governance change. SpaceX's $75B IPO is oversubscribed, drawing more orders than shares available. Lululemon continues to see analyst downgrades (Truist, Evercore, Stifel, JP Morgan all lowering targets). A massive $57.7M bullish LEAP options trade in STM signals institutional conviction in a rebound. Crypto is broadly down (BTC -5.38%, ETH -9.54%) with sentiment at extreme fear. The ISS oxygen leak and astronaut sheltering is a non-market event. The bull market has room to run despite AI fatigue, per Nuveen CIO.