WS #11760

The dominant signal in this window is the continued escalation of US-Iran hostilities, with the ceasefire collapsed and tanker traffic through the Strait of Hormuz grinding to a halt. Multiple sources (Al Jazeera, Lloyd's List, Axios, CNN) corroborate that US strikes resumed on Iranian targets and Iran retaliated against US bases in Bahrain and Kuwait. This is an ESCALATION of the prior narrative. Counter-signals include a US official stating commitment to finding a resolution and technical talks continuing, but the immediate market impact is bearish for equities and bullish for energy. Separately, a major dark pool block of $SPY ($210.8M) was detected, and the White House announced new import adjustments on commercial aircraft and jet engines, which could affect aerospace stocks. The tech-led rally narrative is being tested by the renewed conflict, but the Nasdaq closed up 1.30% on the day, suggesting some resilience.