WS #11312

The dominant narrative from the previous window—de-escalating US-Iran tensions and oil falling to ~$70/bbl—remains STABLE with no material new developments in the last 30 minutes. The weak US jobs report (57k vs 115k expected) continues to cool rate-hike expectations, boosting gold and rate-sensitive sectors while weighing on the dollar. The tech rotation narrative is STABLE, with Tesla's Q2 delivery beat and Apple's foldable iPhone production target increase still the notable MAG7 carve-outs. No new counter-signals or non-dominant-narrative developments have emerged.