WS #9482

The dominant market-moving signal in this window is the continued escalation of US-Iran tensions, with President Trump threatening to continue bombing Iran 'very hard' after Iran shot down a US helicopter over the Strait of Hormuz. This has driven crude oil above $91/bbl (WTI +3.2%) and triggered a broad risk-off move, with the Nasdaq falling over 1% and travel stocks hit. The US CPI for May came in at 4.2% YoY (up from 3.8% prior), with energy accounting for over 60% of the monthly increase, reinforcing stagflation fears. Gold fell 3.1% as the dollar strengthened on safe-haven flows. Separately, Amazon announced plans to expand its trucking services beyond its own network, sending FedEx Freight shares down 4.5%. The SpaceX IPO narrative continues to build, with NYT reporting that 4,400 employees will become millionaires and that Antonio Gracias is set to reap billions. The US-Iran conflict narrative is ESCALATING, with no counter-signals or de-escalation in this window.