WS #12143

The US-Iran conflict continues to escalate, with Iran declaring an 'existential war' against the US, Trump threatening intensified airstrikes on Iranian energy infrastructure, and reports of US strikes in Iran killing dozens. Iran is also threatening to block oil exports through the Strait of Hormuz, and the IMO has urged shippers not to risk transits. This escalation is driving oil prices higher and creating significant geopolitical risk. In corporate news, SpaceX shares have fallen below their $135 IPO price, now at $132.62, down 41% from its peak, signaling a deflating of the space/tech IPO hype. Meanwhile, Anthropic is lining up investor meetings for a potential October IPO, and Thinking Machines Lab released its first open-weight AI model, Inkling. On the macro front, the Fed Beige Book showed moderate price increases and employment growth, while Fed Governor Lisa Cook signaled inflation risks are tilted to the upside. The India-UK trade pact took effect, lowering tariffs on Scotch whisky. The dominant theme is the escalating US-Iran conflict, which is bullish for energy stocks and bearish for airlines and consumer sectors, while the SpaceX IPO disappointment may temper enthusiasm for upcoming tech IPOs.