WS #7703

The dominant narrative in this window is the de-escalation of US-Iran tensions. Trump announced he paused a planned attack on Iran after Gulf leaders requested restraint, citing 'serious negotiations' via Pakistan. This counters the prevailing bearish war escalation thesis and is corroborated by Al Jazeera, BBC, and multiple social media sources. The Strait of Hormuz remains closed, but a BofA survey shows 44% of investors expect it to reopen in June, and Polymarket events track its return. Separately, a NATO jet shot down a suspected stray Ukrainian drone over Estonia, a minor escalation in the Ukraine conflict. On the macro front, Canada's inflation came in below consensus (2.8% vs 3.1% YoY), and UK unemployment unexpectedly rose to 5%. Home Depot beat earnings but noted consumer caution on big projects. In tech, HSBC raised its NVDA price target, and Mizuho raised MU to $800. TXN's value rank tumbled amid overvaluation concerns. Bitcoin is trading around $77,000, rejected at the 200-day moving average.