WS #10551

The dominant signal in this window is the U.S. market close showing broad weakness: SPY -1.14%, QQQ -2.97%, with NASDAQ 100 futures at -2.50% pre-market. The tech rout is the primary narrative, driven by AI semiconductor stress ahead of Micron earnings and Cerebras' post-earnings drop of 8% despite 94% revenue growth, as margin guidance disappointed. Cross-source corroboration from CNBC, Seeking Alpha, and multiple social feeds confirms the Cerebras selloff on margin compression from the OpenAI ramp. Meanwhile, the U.S.-Iran deal terms remain disputed: Trump claims Iran accepted top IAEA inspections, Iran denies new nuclear commitments, and the Senate passed an Iran War Powers vote 50-48 directing troop withdrawal. This keeps oil/Hormuz risk alive. Moscow lifted permit rules for fuel tanker drivers as Ukraine strikes deepen a Russian fuel shortage, adding to energy supply concerns. Morgan Stanley capped its private credit fund at 5% withdrawals after 11.6% redemption requests, signaling stress in private credit. Nike announced a CFO transition from Pfizer, with shares up 1% after-hours on tariff refund benefits. The narrative arc is ESCALATING for tech weakness and Iran tensions, while the Morgan Stanley private credit cap is a new stress signal.