WS #7416

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. However, a significant counter-signal emerged: Trump outlined US military objectives in Iran (destroy missile capabilities, prevent nuclear weapons), but also a Polymarket trade suggests the Strait of Hormuz blockade may be lifted by May 15. Additionally, Trump's China summit ended with conciliatory tones and no agreement on thorny issues, but Xi stated 'We should be partners, not rivals,' signaling potential de-escalation in US-China tensions. On the macro front, traders now see the next Fed move as a rate hike as soon as December, with inflation data surging, causing a bond market rout and broad de-risking. The Nasdaq 100 dropped, Intel crashed 7% on rate-hike panic. In company-specific news, Bill Ackman's Pershing Square revealed a sizable Microsoft stake, sending MSFT up ~4%, and Trump's Q1 2026 filings showed large tech stock purchases (NVDA, MSFT, AMZN, META). Goldman Sachs' risk appetite indicator hit its highest since 2021. Canada and Alberta struck a deal to advance a West Coast oil pipeline, a counter to oil supply fears. CDC is monitoring Ebola in DRC/Uganda and Hantavirus, with daily briefings to the White House. Harvey Weinstein's third New York trial ended in mistrial. DexCom laid out 2030 growth targets with double-digit revenue growth and a $1B buyback. Klarna beat Q1 views but soft Q2 guidance sent shares lower. Intel's desktop CPU is $50 off, but chip stocks fell on AI exuberance fading.