WS #11256

The dominant theme in this window is a sharp reversal in the Strait of Hormuz narrative: crude oil prices are crashing on reports that flows are recovering, directly countering the previous bullish oil thesis. This is a high-significance counter-signal, with Iran warning tankers to use approved routes but flows reportedly normalizing. Separately, the US June nonfarm payrolls report showed only 57,000 jobs added, well below the 114,000 consensus, which is weakening the case for Fed rate hikes and boosting gold above $4,100. Tesla reported Q2 deliveries of 480,126, beating estimates of 401,000, yet the stock fell ~7% on profit-taking. Micron stock is down ~5% after Trump hyped the company while owning millions in stock, raising conflict-of-interest concerns. OpenAI reportedly cut inference costs by ~50%, which could be misread as bearish for GPU demand but is likely bullish for AI adoption at scale. The EU's top court upheld Google's €4.1B Android antitrust fine, a negative for GOOGL. Meta's potential cloud business is pressuring memory chip stocks. The Hormuz de-escalation is the most impactful development, likely to reverse energy sector gains and boost consumer/transportation stocks.