WS #7359

The dominant signal in this window is the Supreme Court's decision to preserve telehealth access to mifepristone, the abortion pill, which is a high-significance legal development but has limited direct market impact. More actionable for markets: the Iran conflict narrative is escalating, with reports that Gulf states have launched retaliatory strikes on Iranian soil for the first time, and a separate unverified claim that Trump is planning to bomb Iran this weekend. Oil prices are heading for a weekly advance as Iran war resolution remains at an impasse, and the Strait of Hormuz closure continues to pressure crude importers like India. The bond market is already pricing in rate hikes as Kevin Warsh takes over as Fed chair, with 10-year and 30-year Treasury futures falling. On the corporate side, Renaissance Technologies' 13F shows a new Apple stake, an exit from Amazon, and an increased Nvidia position, providing a bullish signal for AAPL and NVDA. Gemini shares surged 17% after hours on a $100M investment from Winklevoss Capital and a narrower-than-expected loss. Figma's stock soared after earnings beat and raised guidance. Cramer warned of froth in the AI rally, calling Cerebras' IPO 'fanciful' but remaining bullish on Nvidia and Cisco. The macro narrative is stable: oil supply disruption and Fed hawkishness are the prevailing themes, with no counter-signals to offset them.