WS #9672

The dominant signal in this window is the US Justice Department's approval of the $111 billion Paramount-Warner Bros Discovery merger, corroborated by NPR, The Guardian, and multiple social media posts. This removes a major regulatory overhang for the deal, though UK and EU scrutiny remains. Separately, SpaceX's record-breaking IPO continues to dominate headlines, with Elon Musk becoming the world's first trillionaire and the stock closing up ~19% on its first day. The IPO is seen as a catalyst for a wave of AI-related equity offerings. On the geopolitical front, there is continued chatter around a potential US-Iran deal, with Polymarket contracts showing active trading on ceasefire extensions and peace deals, but no new concrete developments. A minor signal is the reported shelling in southern Lebanon and drone attacks in Ukraine, but these are unlikely to move markets significantly. Insider transactions at AAL and DAL are routine and not market-moving.