WS #11007

The dominant signal in this window is a series of Supreme Court rulings that expand presidential power over independent agencies (allowing Trump to fire FTC commissioners without cause) while also upholding mail-in ballot counting and the E. Jean Carroll verdict. These rulings have immediate implications for regulatory enforcement and political uncertainty. Separately, the US-Iran conflict shows signs of de-escalation with Strait of Hormuz tanker traffic rebounding to 29 sailings/day, though still far below normal, and oil prices rising. The Mag7 narrative shows divergence: NVDA saw a $310M dark pool trade, while a Hacker News post highlights Mag7 underperformance. MSTR plans a $2B share repurchase and may sell Bitcoin holdings after an 80% stock drop. The Supreme Court's independent agency ruling is the highest-significance development, as it directly impacts regulatory bodies (FTC, SEC, Fed) and could affect financial sector oversight.