WS #11207

The dominant narrative from the previous window—US-Iran talks de-escalating oil risk and Meta's cloud pivot—continues to hold, with no new contradictory signals. Oil prices fell further (WTI -1.32% to $68.58, Brent -1.89% to $71.57) as Trump confirmed positive Doha talks, reinforcing the de-escalation theme. The semiconductor selloff deepened, with KLAC -11%, AMAT -10%, MU -10%, and INTC -8%, as the rotation out of AI winners persists. Meta's cloud business plan remains a key counter-narrative, with the stock up ~10% on the day. Fed Chair Warsh delivered a hawkish statement in Sintra, vowing to 'disappoint' anyone expecting inflation tolerance above 2%, affirming Fed independence—this counters any dovish rate-cut thesis. A $265M dark pool order in QQQ suggests institutional accumulation despite tech weakness. Spain blacklisted Palantir from all contracts, a bearish signal for PLTR. Apple cut iPhone 17 production by 15%, signaling softening demand. Trump's financial disclosures revealed $1.4B in crypto income, highlighting his deep crypto ties. Citi lowered Bitcoin/Ether price targets on weak ETF inflows. The overall market narrative is STABLE: oil de-escalation continues, tech rotation persists, and Fed hawkishness offsets any dovish hopes.