WS #10108

The dominant narrative in this window is the formal signing of the US-Iran Memorandum of Understanding (MoU), which is rapidly reshaping oil supply expectations. Multiple sources (BBC, AP, Seeking Alpha, social media) confirm the deal has been signed, with Iran reporting normal shipping operations at southern ports and three Saudi oil tankers exiting the Strait of Hormuz. This directly counters the prior oil supply crisis thesis, pushing WTI crude to its 200-day moving average and Brent down 3.2% in 24h. The IEA warns of a potential swing from crisis to massive surplus next year. MarketWatch explicitly calls the deal a 'massive buy signal for stocks.' On the macro front, the US Leading Economic Index rose 0.1% in May (in line), and market pricing now reflects expectations for two Fed rate cuts by Q1 2027. The Supreme Court unanimously struck down the federal gun ban for marijuana users, but this is not directly market-moving. On corporate news, Accenture (ACN) crashed to a 52-week low on weak guidance, while Micron (MU) received multiple price target upgrades (Stifel to $1500, Wedbush to $1300) and Apple confirmed memory price pass-through, boosting SanDisk and Micron. Nvidia (NVDA) saw a large dark pool trade ($290M) and bullish option activity. The Ukraine-Russia energy war narrative continues with drone attacks on Moscow refinery, but the oil market impact is being overwhelmed by the Iran deal counter-signal. The overall narrative arc is: Iran deal de-escalating oil crisis, offsetting Ukraine energy war escalation.