WS #10604

The dominant narrative remains the sharp escalation in US political uncertainty after Trump cancelled the signing of the bipartisan housing affordability bill, demanding the Senate first pass the Save America Act. This story is corroborated by Axios, NBC, Seeking Alpha, Cointelegraph, and multiple Bluesky sources, confirming high significance. Speaker Johnson's response adds a new data point, but the core event is unchanged from the previous window — it is STABLE, not escalating. The housing bill linkage to a controversial voting bill introduces a high-conviction bearish signal for homebuilders (DHI, LEN, PHM) and housing-related sectors. Separately, the AI infrastructure narrative intensifies: Wedbush notes SpaceX's AI compute leasing deals signal another massive Colossus buildout (bullish NVDA, DELL, ANET, CRDO). Micron earnings tonight remain the key litmus test for the AI rally. On the geopolitical front, Rubio stated Iran cannot charge tolls in the Strait of Hormuz, exposing a key friction point in US-Iran talks; this counters the recent oil price decline narrative (oil fell on Hormuz reopening hopes). The dollar made new 1-year highs against the euro and yen. In company-specific news, Chemours agreed to a $450M PFAS settlement (removes litigation overhang, bullish CC), and Pelosi reported buying up to $6M of Intel stock (bullish INTC). Bitcoin broke below the Rainbow Chart's 'BTC is dead' zone, and Bitcoin ETP outflows pushed rolling one-year flows negative for the first time since 2023.