WS #6335

Markets are in a risk-on mode driven by Apple's post-earnings surge and falling oil prices on Iran ceasefire hopes. The S&P 500 and Nasdaq are at fresh record highs, with Apple adding ~$205B in market cap after its $100B buyback and strong earnings. Oil prices are retreating (WTI -4.8% near $100) on multiple signals of de-escalation: Iran submitted a new peace proposal via Pakistan, and the White House is in active negotiations with Congress for war authorization, while the 60-day War Powers deadline has passed without resolution. However, the Iran war narrative remains unresolved: the Senate again rejected a War Powers measure (47-50), and Strait of Hormuz shipping is down >90%. The Fed's Logan dissented, stating the next rate move could be a cut or a hike, and the Fed should not signal easing. Spirit Airlines is preparing to shut down as rescue deal falls apart, per WSJ. The Pentagon struck classified AI deals with OpenAI, Google, Nvidia, Microsoft, Amazon, and xAI, excluding Anthropic. EU-Mercosur trade deal entered into force provisionally. ISM Manufacturing PMI held at 52.7, but prices paid surged to a four-year high of 84.6, signaling persistent inflation. Key cross-source corroboration: Iran peace proposal via Pakistan (multiple sources), Spirit Airlines shutdown (WSJ + multiple sources), Pentagon AI deals (multiple sources). The dominant narrative is de-escalation in Iran conflict, which is countering the bullish oil thesis and supporting equities.