WS #10511

The dominant narrative is a broad risk-off move driven by a tech selloff, with the Nasdaq down over 2% and South Korea's KOSPI plunging 10%. This is fueled by hawkish Fed expectations following Kevin Warsh's first meeting, which has also pressured gold and silver. However, several counter-signals and specific developments emerge. The US is letting Iran sell oil again as part of a deal to end the war, and Trump says the US will control Iran's use of unfrozen funds, signaling de-escalation that could weigh on oil prices. US PMI data for June beat expectations (Manufacturing 55.7 vs 54.8 est, Services 51.3 vs 51.0 est), suggesting the economy remains resilient. In M&A, AbbVie is set to acquire Apogee for $10.9B, and the US plans $17.5B in loans for large nuclear reactors. Backblaze shares rose on a $335M deal with CoreWeave. The Ethereum Foundation cut 20% of staff. A federal judge ruled the Trump administration's SAVE database unlawful. The narrative is one of tech-led risk aversion with pockets of strength in energy, defense, and select industrials.