WS #10999

The Supreme Court delivered a split decision on presidential removal power, ruling 6-3 that Trump can fire FTC commissioners at will (overturning Humphrey's Executor) but 5-4 that Fed Governor Lisa Cook cannot be removed without cause for now. This preserves Fed independence in the near term, removing a tail risk for bond markets and the dollar. Separately, the Court upheld states' ability to count mail-in ballots postmarked by Election Day, rejecting a Trump-led challenge. On the geopolitical front, Trump announced a US-Iran meeting in Qatar on Tuesday, which could de-escalate tensions and ease oil supply fears. However, Qatar's Transport Ministry ordered a halt to all maritime activities, and Brent crude is up 5.4% in 24h amid Strait of Hormuz disruptions. Iraq's 14 million barrels of trapped oil escaped through Hormuz, per Bloomberg. In corporate news, Alphabet replaced Verizon in the DJIA, with shares up ~3%. Micron is plunging on a federal class-action lawsuit, losing ~$78B in market cap. Firmus announced a purchase of 170,000 NVDA GPUs for 2027/28, bullish for AI infrastructure. The dominant narrative is the SCOTUS rulings on agency power and Fed independence, with the Iran meeting acting as a potential counter-signal to oil supply fears.