WS #9110

The dominant narrative from the previous window—a tech selloff on a hot jobs report—remains stable, but a new high-signal geopolitical development has emerged: Iran has launched multiple drones toward the Strait of Hormuz, and US aircraft have shot down at least four of them, per CNN. This escalation threatens oil transit through the Strait, which could spike oil prices and impact energy, shipping, and consumer sectors. Separately, the S&P 500 index reconstitution (MRVL and FLEX joining on June 22) is corroborated by multiple sources (CNBC, Bloomberg, Seeking Alpha, Investing.com) and remains a near-term catalyst for those stocks. Trump's statement that Iran has not agreed to a deal because 'they're strong, they're proud' (NBC) reinforces the lack of diplomatic progress. The narrative arc is ESCALATING on the Iran front, while the tech selloff narrative is STABLE. The prior window's key developments (MRVL/FLEX S&P 500 addition) are carried forward as ongoing.