WS #12268

The dominant theme in this window is the deepening global tech selloff, now spreading from semiconductors to crypto and broad indices. Nasdaq 100 futures are down ~1.9%, S&P 500 futures down ~0.9%, and Bitcoin has slipped to ~$63,000 as the AI capex return narrative faces renewed skepticism. TSMC's results failed to reassure, and Netflix's weak Q3 guidance is adding pressure. This is an ESCALATING risk-off move, with capital rotating from tech to defensives and gold holding above $4,000. The US-Iran conflict remains elevated but no new major escalation was reported in this window; the Strait of Hormuz disruption continues to support oil prices (Brent ~$85). On the earnings front, Truist Financial and Fifth Third Bancorp both beat EPS estimates, providing a counterweight in financials. The EU has proposed doubling the electrification rate by 2040, which could boost clean energy and grid infrastructure plays. A drone strike on an Iranian opposition camp in Iraq and a Russian strike on Mykolaiv port add to geopolitical noise but are not market-moving alone. The China GDP slowdown story (4.3% Q2) is a known headwind for commodities and EM.