WS #10534

The dominant narrative from the previous window (semiconductor selloff, IBM surge, dollar strength) is ESCALATING. The tech selloff has intensified, with the Nasdaq falling ~2% and chip stocks hit hardest (Nvidia, Intel down 5-20%). This is corroborated by multiple sources (BBC, Axios, Bloomberg, Seeking Alpha). The selloff is driven by AI spending sustainability concerns and a rotation into old-economy safe havens like IBM (+8%). The dollar touched its highest level since November on Fed rate hike expectations. A Reuters/Ipsos poll shows Trump approval at 34% (matching his term low) and 52% of Americans say the Iran war was not worth the cost, which could weigh on sentiment. Meta is developing a prediction market app 'Arena', causing DraftKings and Flutter to fall ~2%. SpaceX's $25B bond offering attracted $90B in orders, a strong demand signal. The EU hosted Taliban officials for the first time, focusing on deportations. A US appeals court allowed Trump to expand fast-track deportations nationwide. European electricity prices spiked due to heatwave, with UK paying 6x normal import prices.