WS #7623

Markets opened mixed with S&P 500 and Nasdaq slightly higher as oil and yields retreated, though the dominant macro narrative remains the escalating US-Iran conflict. The most significant development is Iran's Tasnim news agency reporting that the US has accepted to waive Iran's oil sanctions during the negotiation period, a potential de-escalation signal that could lower oil prices. However, an Iranian official did not immediately comment, and the IEA warns the world is burning through oil stockpiles faster than expected as the Hormuz crisis deepens. Separately, Iran has launched a Bitcoin-backed shipping insurance service for the Strait of Hormuz, projecting over $10 billion in revenue. The Supreme Court rejected pharma challenges to Medicare drug price negotiation, pressuring drug stocks. In company-specific news, Morgan Stanley raised NVDA price target to $285 ahead of earnings Wednesday, and NVDA is up 4% premarket. Berkshire Hathaway sold its stake in UnitedHealth, pressuring UNH. Strategy (MSTR) bought $2B in bitcoin. Coatue cut Tesla position by 96% and trimmed Nvidia while adding Lucid and Hertz. Ryanair CEO sees European airline casualties on jet fuel spike. Crypto ETP outflows topped $1B last week, ending a six-week inflow streak amid Iran risk-off. The narrative arc for US-Iran is STABLE with a potential de-escalation signal, while the tech/AI narrative remains bullish with NVDA earnings catalyst.