WS #6084

The dominant narrative remains the Iran conflict, with German Chancellor Merz stating the US has no strategy in the war, reinforcing bearish sentiment. Oil prices remain elevated above $100/barrel due to the Strait of Hormuz closure, dragging on stocks and feeding inflation. AI and chip stocks are falling ahead of Big Tech earnings and Iran developments. The OpenAI trial between Musk and Altman begins today, a high-profile event that could impact AI sector sentiment. DeSantis proposed a gerrymandered Florida congressional map, and the Supreme Court struck down a lower court order blocking Texas's new maps, both political developments with limited direct market impact. Compass Therapeutics dropped sharply after missing an overall survival endpoint in a bile duct cancer study. POET Technologies crashed after losing a deal with Marvell. Jazz Pharmaceuticals rose on FDA priority review acceptance for Ziihera. The US Supreme Court ruling on Texas maps and DeSantis's Florida map are political noise. The Iran war narrative is escalating with no de-escalation signals, and Merz's comments add to the bearish macro outlook.