WS #6836

The dominant narrative remains the risk-on rally driven by strong jobs data and AI optimism, with the S&P 500 closing higher. However, geopolitical tensions continue to escalate, with new reports of an explosion at a military facility in Konarak, Iran, and a massive drone incursion in Iraqi Kurdistan, alongside ongoing CENTCOM strikes on tankers violating the naval blockade. The Strait of Hormuz remains nearly impassable, halting ~20% of global oil supply, keeping gasoline above $4/gallon. Gold continues to gain, supported by Chinese central bank buying, holding above $4,700/oz. In corporate news, argenx received FDA approval expanding VYVGART for all serotypes of generalized myasthenia gravis, a bullish signal for ARGX. NVR announced a $750M share repurchase. Trump Media & Technology Group reported Q1 results. The U.S.-Iran conflict remains the key macro risk, with no de-escalation signals in this window. The narrative arc is ESCALATING on geopolitical risk, while the tech/AI rally remains STABLE.