WS #11104

The dominant signal in this window is a series of U.S. Supreme Court rulings, heavily covered across multiple sources (NBC, Axios, Bloomberg, social media). The Court struck down Trump's executive order limiting birthright citizenship (5-4), struck down campaign finance coordination limits, and agreed to hear a challenge to assault weapons bans. These rulings have direct implications for political risk, immigration policy, and campaign spending, but limited direct market impact on specific tickers. Separately, Iran's top negotiator Qalibaf made multiple statements via Reuters asserting Iran's rights in the Strait of Hormuz, claiming 40 million barrels of oil exported since the marine blockade ended, and proposing a committee with the U.S. and Lebanon to oversee the end of the war in Lebanon. This is a de-escalation signal for oil supply risk, countering the earlier bullish oil thesis. Oil prices are declining (WTI -1.65%, Brent -1.26%) as Strait traffic rises 50%+ over the past week. In corporate news, Comcast (CMCSA) announced a split into two public companies, spinning off NBCUniversal and Sky from the connectivity business. Dark pool alerts show large institutional orders in AMZN ($311M) and META ($126M). Bitcoin continues to weaken, breaking below $59,000, with Strategy (MSTR) falling. The prevailing macro narrative is stable with de-escalating geopolitical risk, but the Supreme Court rulings add a layer of political uncertainty.