WS #7415

The dominant macro theme remains the Iran conflict and its impact on energy markets, with oil prices surging and bond yields rising. The narrative arc is STABLE with no de-escalation detected. Key developments include Trump's disclosure of large tech stock purchases (NVDA, MSFT, AMZN, META) in Q1 2026, which could provide a bullish signal for those names. Additionally, chip stocks are falling as AI exuberance fades, with Nvidia and Intel declining. Bond yields are becoming 'unhinged' amid inflation fears, according to SocGen, which could pressure growth stocks. On the geopolitical front, Trump discussed US arms sales with Xi Jinping in detail, and Xi will pay a state visit to the US this fall, signaling potential de-escalation in US-China tensions. However, the Iran situation remains tense with the Strait of Hormuz closure continuing. In company-specific news, DexCom laid out 2030 growth targets with double-digit revenue growth and a $1B buyback, while Xerox jumped 12% on a stake acquisition. The Estée Lauder is reportedly looking to sell beauty brands amid merger negotiations with Puig.