WS #10414

The dominant signal in this window is the continued de-escalation of US-Iran tensions, with Vice President Vance confirming 'great progress' in talks and Iran agreeing to admit IAEA inspectors back. This directly counters the oil supply crisis narrative, sending crude lower and providing a tailwind for risk assets. The narrative arc is DE-ESCALATING on geopolitical risk. Separately, the AbbVie-Apogee Therapeutics $10.9B all-cash acquisition (at ~60% premium) is a major biotech M&A event that resets the tape for the sector. CRH's $8.5B all-cash acquisition of Arcosa strengthens its North American infrastructure position. The UK political crisis (Starmer resignation, Burnham candidacy) remains stable with no new material developments. Alan Greenspan's passing at 100 is notable but non-market-moving. Bitcoin ETF outflows slowed for a second straight week, suggesting institutional de-risking is fading, providing a potential floor for crypto. Credo Technology popped 3.5% on Evercore initiation with a $325 price target. Super Micro rose on a GF Securities upgrade. Rocket Lab joined the Nasdaq-100, triggering passive inflows. The UK Met Office issued a rare red weather warning for extreme heat, which could impact utilities and energy demand.