WS #11086

The dominant signal in this window is the US Supreme Court's 6-3 ruling upholding birthright citizenship, striking down President Trump's executive order. This is a high-significance legal and political development, but its direct market impact is limited to sentiment around political uncertainty and potential immigration-related sectors. The ruling was widely expected and does not introduce new economic data. Separately, Amazon's AWS announced a $1 billion investment in a new Forward Deployed Engineering unit for AI, signaling continued aggressive AI infrastructure spending by hyperscalers, which is bullish for AMZN and the broader AI ecosystem. India adjusted windfall taxes on fuel exports: raising petrol export tax to 4 rupees/litre, cutting ATF export tax to 7.5 rupees/litre, and cutting diesel export tax to 8.5 rupees/litre, effective July 1. This could impact Indian oil refiners and global fuel markets. Fed's Hammack commented on CNBC that inflation is still too high and the Fed may need to consider rate hikes, a hawkish signal that could pressure growth stocks. The Alito retirement story was published by NPR but quickly retracted, creating noise but no actionable signal. Crypto markets saw record outflows from spot Bitcoin ETFs (-$4.1B in June) and MicroStrategy may sell up to $1.25B in Bitcoin, adding bearish pressure on BTC. The macro narrative is stable with no escalation of prior themes.