WS #11010

The dominant signal in this window is a series of U.S. Supreme Court rulings with significant market implications. The Court blocked Trump's attempt to fire Federal Reserve Governor Lisa Cook (5-4), affirming Fed independence and reducing near-term political risk to monetary policy. This is a bullish signal for rate-sensitive sectors and the broader market, as it counters the prevailing thesis of executive overreach into the Fed. Separately, the Court upheld the counting of mail-in ballots postmarked by Election Day, a positive for election integrity and political stability. The Court also ruled that geofence warrants require a warrant, a major privacy win that could impact big tech data practices. In corporate news, Rocket Lab announced an $8 billion acquisition of Iridium, sending RKLB +9% and IRDM +21%, boosting the space sector. Comcast announced a spin-off of NBCUniversal and Sky, sending CMCSA +6%. Alphabet joined the Dow, with shares up 4%, but faces ongoing AI execution concerns. Tesla reclaimed $400. Small caps are outperforming large caps by the widest margin since 2003, signaling a rotation from AI hyperscalers to smaller infrastructure winners. Crude oil gained 2% amid US-Iran tensions, but gas prices are easing. The narrative arc is STABLE with a bullish tilt from the SCOTUS Fed decision, offsetting prior concerns about political interference.