WS #10547

The dominant signal in this window is the US Senate passing the Iran war powers resolution (50-48) to limit Trump's military authority, corroborated by multiple sources (ABC, NBC, Guardian, Al Jazeera, Seeking Alpha, and numerous Bluesky posts). This is a symbolic but significant rebuke that adds political pressure to de-escalate the Iran conflict, which has been a key driver of oil price volatility and Strait of Hormuz tensions. The resolution does not carry the force of law but signals growing bipartisan discontent, potentially dampening the risk premium on oil and defense stocks in the near term. Separately, FedEx reported a strong Q4 beat (adj EPS $6.31 vs $5.96, revenue $25B vs $24.04B) but guided FY26 EPS $16.90-$18.10, with the stock slipping ~3.7% after-hours on light guidance and macro concerns. Nike appointed David Denton as CFO effective August 17, signaling a profitability push amid stagnant growth. GameStop announced it will release strategic rationale for its proposed eBay acquisition this week, with CEO Ryan Cohen withdrawing his performance award to focus on the deal. MSCI announced its 2026 Market Classification Review, warning Indonesia it may be reclassified from Emerging to Frontier Markets if sufficient progress is not evident by November, and acknowledged steps taken by Turkish and Indonesian markets. Oman announced a temporary maritime corridor in the Strait of Hormuz coordinated with the IMO, which could ease some shipping disruption fears. The tech selloff continued (Nasdaq -2.2%, S&P 500 -1.4%) with rotation out of mega-cap tech. The Iran war powers vote is the highest-significance development, as it could reduce geopolitical risk and pressure oil prices lower, benefiting consumer and transport sectors while weighing on defense and energy.