WS #11310

The dominant narrative in this window is a significant de-escalation in US-Iran tensions, with a provisional deal reopening the Strait of Hormuz and oil prices falling to ~$70/bbl. This counters the previous escalation narrative. Separately, the US jobs report (57k vs 115k expected) has sharply reduced Fed rate hike expectations, boosting gold and rate-sensitive sectors while weighing on the dollar. The tech rotation narrative continues, with semiconductor stocks suffering a two-day selloff (Philly Semi Index -12%) as Michael Burry shorts Micron and profit-taking hits the sector. Tesla's Q2 delivery beat (480k vehicles, +25% YoY) is a positive counter-signal to the broader tech sell-off, driven by a strong recovery in Europe. Amazon's Leo satellite internet service is nearing commercial launch with over 390 satellites in orbit, posing a competitive threat to SpaceX's Starlink. The narrative arc is one of DE-ESCALATING geopolitical risk (US-Iran) and a STABLE but intensifying rotation from growth to value/cyclicals in equities, with the Dow hitting a record close while the Nasdaq slides.