WS #6719

The dominant narrative remains the Iran conflict, with multiple signals indicating a potential de-escalation. Iran is reviewing the latest U.S. proposal to end the war, while Trump threatens further bombing unless a deal to reopen the Strait of Hormuz is reached. Polymarket shows active trading on US-Iran peace deal and Strait of Hormuz blockade lifting, reflecting high uncertainty. Oil prices are described as 'moving like crazy' by Citi, and Air Canada is cutting flights due to jet fuel costs, confirming energy supply disruption. However, a counter-signal emerges: CME Group plans to launch a physically based uranium contract, signaling growing institutional interest in nuclear energy, which could offset some oil demand concerns. On the corporate side, Boeing CEO Kelly Ortberg is set to join Trump on his China visit next week, a potential positive for US-China trade relations and Boeing's China exposure. Eli Lilly's Mounjaro surpassed Keytruda as the world's top-selling drug with $8.7B in Q1 2026 sales, reinforcing LLY's growth narrative. Datadog shares surged 30% on strong earnings, while Fastly fell 35% on growth deceleration. The tech rally shows mixed signals: AMD's Data Center revenues surged 57% YoY, but a large bearish SPX call option block ($81M premium) suggests institutional hedging. The narrative arc for the Iran conflict is STABLE with potential for DE-ESCALATION, but energy disruption remains acute.