WS #6474

The dominant narrative remains the Iran conflict and its market implications, with several high-signal developments in this window. Trump announced 'Project Freedom' to escort ships through the Strait of Hormuz starting Monday, a move that caused oil prices to dip slightly (WTI -0.59%, Brent -0.27%). Iran is reviewing the US response to its 14-point peace plan, with details emerging of a phased proposal including gradual Hormuz reopening and a 'non-invasion commitment'. However, Israeli officials stated resuming military operations against Iran is inevitable, and the US is deploying 15,000 service members for the escort mission, indicating the situation remains fluid. Separately, GameStop made a $56 billion offer to acquire eBay at $125/share, a major M&A signal corroborated by WSJ, Bloomberg, and multiple social media sources. Spirit Airlines ceased operations, becoming the first major casualty of the Iran war, with fuel costs cited as a key factor. Apple reported record iPhone 17 sales but warned of chip shortages, while Alphabet beat earnings expectations on strong cloud growth. The US dollar has weakened ~10% since Trump's second term, acting as a 'hidden tax' on consumers. Japan intervened in currency markets to support the yen. OPEC+ agreed to a modest production increase of 188,000 bpd for June, and UAE's exit from OPEC signals a turning point for global oil markets. A United Airlines flight struck a light pole on landing at Newark, causing minor damage but no injuries. The S&P 500 and Nasdaq futures were flat to slightly positive, with oil futures dipping on the Hormuz news.