WS #9585

The dominant signal in this window is the escalating US-Iran deal narrative, with Trump making multiple statements from the Oval Office that a 'great settlement' has been reached, a 'very detailed MOU' is in final shape, and the Strait of Hormuz will reopen immediately upon signing. He claims Iran's Supreme Leader has agreed and that Kharg Island operations are off the table. This is corroborated by Bloomberg, Reuters, and multiple news outlets, though Iranian officials have not yet publicly confirmed. The deal counters the prevailing bearish oil/geopolitical risk thesis. Concurrently, Adobe reported strong Q2 earnings (EPS $5.96 vs $5.82 est, revenue $6.62B vs $6.456B est) and raised full-year guidance significantly, while also announcing CFO Dan Durn's departure to Marvell. SpaceX IPO finalization continues to generate headlines, with BBC and Bloomberg confirming the $1.77T valuation and record $75B raise. The US-Iran narrative is ESCALATING in deal proximity but DE-ESCALATING in military risk.