WS #9499

The dominant narrative is a sharp tech selloff (ESCALATING), with the XLK Tech ETF down 8.4% over the last four sessions, its worst stretch since Liberation Week. CAT was the worst DJIA name, falling 6.3%, its worst day since Liberation Week, and the DJIA closed under 50k. AVGO is 25% off its high. Oracle (ORCL) has a massive 12.3% straddle ahead of earnings, the spiciest in at least 3 years, indicating extreme uncertainty. On the geopolitical front, Iran's UN ambassador stated that no sustainable deal can be reached with the US through threats or intimidation, a hardline stance that dampens hopes for a near-term diplomatic resolution and supports elevated oil prices. WTI is at $90.45 (+2.55%) and Brent at $93.51 (+2.25%). The Strait of Hormuz disruption continues to impact supply chains, with Malaysia overhauling its crude supply chain. The FBI served a search warrant at a Southern California aerospace facility (GKN Aerospace) where a chemical tank overheating forced 50,000 evacuations in May, adding regulatory risk to the aerospace sector. In company-specific news, Cracker Barrel surged nearly 30% on AI deployment plans. Lucid (LCID) hit a new all-time low of $4.74 after a key executive departure. Palantir CEO Karp said enterprise clients who try OpenAI and Anthropic 'come out screaming', a bullish signal for Palantir's platform. The DOJ is probing banks for 'debanking' customers for political reasons, adding regulatory overhang for major lenders. The SpaceX IPO at a $1.77T valuation is drawing scrutiny as 'very steep', and analysts warn investors may sell crypto to buy in. The tech selloff is the dominant theme, with the macro narrative of sticky inflation (4.2% CPI) keeping the Fed on hold.