WS #6725

The dominant signal in this window is the escalating Iran-Strait of Hormuz crisis, with multiple new developments: Iran's President Pezeshkian seeks to quash divided leadership narrative after meeting with Supreme Leader Khamenei, while Bloomberg reports Iran's leaders meet as US waits on peace deal response. Al Jazeera corroborates the meeting, indicating internal unity efforts. NBC reports the Strait of Hormuz will take a long time to reboot, reinforcing the supply disruption narrative. Separately, the Trump administration plans to invite CEOs from Nvidia, Apple, Exxon, Qualcomm, Blackstone, Citigroup, and Visa on a China trip, as reported by Semafor and corroborated by multiple Bluesky sources. This is a high-signal development that could de-escalate trade tensions and boost sentiment for these tickers. Mortgage rates jumped to 6.37% for the second week, per Bloomberg/Freddie Mac, pressuring housing and consumer sectors. The Russia-Ukraine conflict shows a new signal: Russia's Victory Day parade will feature no tanks for the first time in nearly 20 years, corroborated by BBC and multiple sources, indicating war setbacks. Also, Ukrainian forces struck a Russian naval base in Dagestan, hitting a Karakurt missile ship. The Epstein suicide note release by a US judge is noise for markets. The narrative is ESCALATING on Iran/Strait of Hormuz, with new leadership meetings and reboot timeline adding to the crisis. The China trip plan is a DE-ESCALATING counter-signal for trade tensions.