WS #9087

The dominant risk-off narrative from the strong May jobs report continues with no new counter-signals in this window. The selloff in tech and crypto persists, with Bitcoin tapping $60,000 and Ethereum falling up to 9%, driven by Strategy's (MSTR) 32 BTC sale. A large dark pool put order on SPY ($11.1M, 712 puts, Jul 17) indicates institutional hedging or bearish positioning. Meanwhile, Putin's rejection of Zelenskyy's meeting offer and reaffirmation of maximalist war aims in Ukraine adds to geopolitical uncertainty, though no direct US market impact is identified. The House passed a $2B Ukraine aid bill, but its Senate fate is uncertain. On the AI front, Trump confirmed a White House meeting with AI companies next week, and OpenAI is in talks with the US government about a potential government stake. Apple's WWDC next week is a key event, with expectations high for a new Gemini-powered Siri. BofA cut its S&P 500 target to 7100, citing rising risks. The Zcash vulnerability (AI-discovered bug, token down 38%) raises concerns about crypto and banking software security. Overall, the narrative is stable: risk-off persists, tech/crypto under pressure, no new catalysts to reverse the trend.