WS #9119

The dominant signal in this window is the escalating US-Iran military conflict, with multiple sources corroborating that Iran has launched drones toward the Strait of Hormuz and air defense systems engaged at Kharg Island. This directly threatens global oil supply routes, likely pushing oil prices higher and benefiting energy stocks while hurting airlines and consumer sectors. Separately, a major development for Meta (META) is emerging: the Financial Times reports Meta is considering a stock offering to raise capital, sending META down -7% and erasing $115 billion in market cap. This is a high-significance MAG7 carve-out contradicting any broader tech rally narrative. Trump signaled openness to rate cuts under potential Fed chair Warsh, which could counter some bearish macro sentiment. Other notable signals include S&P index changes (Marvell Technology and Flex joining S&P 500, Roku joining MidCap 400), insider selling at Applied Materials (AMAT), and Google's $920M monthly compute commitment to SpaceX. The Anthropic AI safety warning is also noteworthy but less immediately market-moving. The US-Iran situation is clearly ESCALATING, while the Meta stock offering is a new bearish development for that specific ticker.