WS #12129

The dominant narrative remains the US-Iran conflict, which is ESCALATING with renewed military strikes and threats. However, a potential de-escalation signal emerged: Trump said Iran reached out requesting nuclear negotiations, and he stated there are 'better options' than the Strait of Hormuz for oil transport, including pipelines from Texas and Alaska. This could cap oil's upside. Separately, Apple Intelligence was approved for launch in China with Alibaba's Qwen AI, boosting BABA and AAPL. Fed Chair Warsh's comments were mixed: he sees no limit to economic growth, but is not happy with inflation measures and will look at tools including balance sheet and rates. The Bank of Canada held rates steady. ASML reported strong Q2 results with raised guidance, bullish for semis. The EIA weekly inventories report showed a 1.7M barrel draw, supporting oil prices. NVIDIA CEO Jensen Huang denied Vera Rubin delay rumors, but stock still fell. Stripe and Advent reportedly offered to buy PayPal for ~$53.4B, which could move PYPL. The narrative arc is: US-Iran conflict is ESCALATING but with a potential DE-ESCALATION signal; tech is mixed with Apple strength but IBM crash; macro data (PPI, Warsh comments) is supportive but with inflation concerns.