WS #12205

The US-Iran conflict continues to escalate, with new US missile strikes near Qeshm Island and Houthi threats to close another strait, while oil prices remain subdued near session lows, suggesting potential government intervention in oil markets. Bond traders are bailing on Fed hike wagers due to softer inflation outlook, which counters the inflation narrative from oil spikes. A major M&A deal emerged: Uber's $14.8B offer for Delivery Hero, creating the largest food delivery platform outside China, with implications for UBER, DHER, and competitors. TSMC's Q2 beat was overshadowed by a capex guidance increase to $60-64B, pressuring semiconductor stocks. UnitedHealth's strong Q2 beat and raised guidance is a positive signal for the healthcare sector. Apple Intelligence received approval in China but with Alibaba's Qwen instead of Google Gemini, a positive for AAPL and BABA. The narrative arc is ESCALATING on the US-Iran conflict, with no de-escalation signals, but oil price action suggests possible counter-intervention.