WS #10803

The dominant signal in this window is the US military strikes on Iran, which represent a significant escalation of the Iran conflict. Multiple sources (BBC, NBC, Guardian, Seeking Alpha, and numerous social media posts) corroborate that US aircraft struck Iranian missile, drone, and radar sites along the Strait of Hormuz in response to an Iranian drone attack on a commercial vessel. Iran's Revolutionary Guards have vowed a 'swift and decisive' response, and reports indicate strikes are ongoing. This development breaks the previous ceasefire narrative and introduces a sharp escalation risk for oil prices, shipping, and regional stability. The market closed less than 90 minutes before the strikes were reported, meaning the full impact will be felt at Monday's open. Separately, GameStop issued guidance for FY2026 adjusted EBITDA exceeding $600M (vs $345.4M in FY2025) and reiterated its focus on acquiring eBay, a significant positive catalyst for GME. Other notable items include a large dark pool trade in SPY ($578.7M) and QQQ ($232.7M), and a Walton Family Foundation filing to sell 1.7M shares of WMT (~$197M). The tech selloff narrative from the prior week is stable but may be overshadowed by geopolitical risk.