WS #11190

The dominant signal in this window is the USMCA trade pact non-renewal, confirmed by the Guardian and corroborated by multiple Mexico Economy Minister Ebrard statements on steel/aluminum tariffs and auto rules of origin. This is a significant escalation in US trade policy, directly impacting Mexico and Canada and creating uncertainty for USMCA-dependent sectors. The narrative arc is ESCALATING. Separately, Alibaba and AUS Merchant Services agreed to a $600M DOJ settlement, a known development but now with confirmed Reuters sourcing. Bending Spoons IPO priced above range at $29, opened at $31 (+6.9%), signaling risk-on demand for tech IPOs. Robinhood Chain mainnet launch with Chainlink integration is a notable crypto infrastructure development. A foreign ship ran aground in the Strait of Hormuz, per AP, adding to geopolitical noise. Fed Chair Warsh picked a senior Bessent staffer as adviser, a minor personnel move. Trump's $1.4B crypto earnings disclosure adds pressure for crypto bill ethics provisions. SanDisk received a BofA price target raise to $2,500, bullish for the stock. Nvidia invested in Verkada at a $5.8B valuation, a small but positive signal for AI/security convergence. UnitedHealth now covers Guardant Health's Shield blood test, bullish for GH. SpaceX has an AI device prototype, per WSJ, though Musk denied it. Small-cap tech continues to outperform large-cap tech YTD (+63.2% vs +32.3%).