WS #7624

The dominant theme in this window is the escalation of US-Iran negotiations, with multiple Reuters-sourced breaking updates indicating Iran's revised proposal demands a permanent end to war, lifting of sanctions, and reopening of the Strait of Hormuz, while the US has only agreed to unfreeze 25% of Iran's funds on a phased timetable. This represents a hardening of Iran's position, dampening hopes for a quick de-escalation and keeping oil prices elevated. Separately, the Supreme Court rejected pharma challenges to Medicare drug price negotiation, a bearish signal for drug stocks. In company-specific news, Hims & Hers (HIMS) dropped 8% on a $300M convertible notes offering, and Coatue cut Tesla by 96% and trimmed Nvidia while adding Lucid and Hertz. The US-Iran narrative is ESCALATING as Iran's demands become more maximalist, while the tech/AI narrative remains stable with NVDA earnings catalyst still ahead.