WS #5853

The key market-moving development in this window is the US Justice Department dropping its criminal investigation into Fed Chair Jerome Powell, removing a major obstacle to the confirmation of Kevin Warsh as his successor. This is corroborated by multiple sources (NBC, Axios, GDELT, CNBC via Kalshi) and is highly significant for monetary policy expectations. The move clears the path for a potentially more hawkish Fed chair, which could pressure rate-sensitive sectors. Separately, Iran-US diplomatic talks are advancing, with Witkoff and Kushner heading to Pakistan for a meeting with Iran's foreign minister, per White House confirmation to Fox News and Axios. This de-escalation signal is countering the prevailing war-risk narrative and is likely contributing to lower oil prices. In corporate news, Amazon-backed X-Energy surged 31% in its Nasdaq debut after a $1.02B IPO, signaling strong investor appetite for nuclear energy. P&G reported a $150M hit from Middle East disruptions but maintained its outlook, a modest negative. The Samsung labor protest threat to RAM supply is a medium-significance development for semiconductor and consumer electronics stocks.