WS #10497

The dominant narrative remains a deepening tech selloff, with SpaceX shedding $400B in market value and Nasdaq futures falling 2.5%, extending the global equity rout. However, several counter-signals emerge. The U.S. issued a sweeping 60-day waiver on Iranian oil sanctions, unlocking billions in revenue and allowing dollar-denominated trade for the first time in decades. This, combined with Iranian ambassador statements confirming good progress in talks, Hormuz being open without charges, and more ships openly signaling transit, is de-escalating oil supply fears. Oil steadied after falling 3%+ in prior sessions. Apollo curbed redemptions on its $26B private credit fund after 17% exit requests, reigniting liquidity concerns in private credit. JPMorgan upgraded IBM from neutral to overweight with a $291 target. Eurozone composite PMI beat estimates at 49.5 but remained in contraction territory. Flashlight Capital took a $40M stake in Samsung affiliate S1 Corp and sent a letter to the board. The narrative arc is ESCALATING for the tech selloff but DE-ESCALATING for oil/geopolitical risk, with private credit liquidity emerging as a new concern.