WS #6337

Multiple high-signal developments converge in this window. First, the Iran situation shows both escalation and de-escalation signals: Iran delivered a new proposal via Pakistan, and oil prices dipped on optimism, but the US also issued new Iran-related sanctions and warned shippers against paying Strait of Hormuz tolls. The 60-day War Powers deadline passed without congressional action, with Republicans deferring to Trump. Second, Spirit Airlines is preparing to shut down after the rescue deal fell apart, confirmed by WSJ and multiple sources, which is bullish for JetBlue and Frontier. Third, the Pentagon struck AI deals with OpenAI, SpaceX, Nvidia, Google, Microsoft, and Amazon, excluding Anthropic, signaling a major shift in defense AI procurement. Fourth, the ISM Manufacturing PMI came in at 52.7 vs 53.2 forecast, with prices paid surging to a four-year high of 84.6, indicating stagflationary pressures. Fifth, Apple's post-earnings surge is driving the Nasdaq above 25K for the first time, but Jefferies warns of margin pressure from rising semiconductor costs. The dominant narrative is risk-on driven by tech earnings and Iran ceasefire hopes, but the ISM miss and rising input costs are a counter-signal. The Spirit shutdown is a significant sector-specific event.