WS #7707

The dominant narrative remains the Iran conflict and energy supply squeeze, but this window introduces a significant de-escalation signal: Trump cancelled a planned strike on Iran, citing requests from Qatar, Saudi Arabia, and UAE leaders. This counter-signal dampens the bearish energy/index thesis, though the situation remains fluid. Separately, the US extended a 30-day sanctions waiver on Russian oil to stabilize markets, and Bessent urged G7 to help target Iran's finances. The 30-year US Treasury yield hit 5.182%, the highest since 2007, pressuring equities. S&P 500 fell for a third straight day as chip stocks declined. A former OpenAI researcher's hedge fund is betting against NVDA and AI chip stocks. Meta is conducting layoffs on May 20. Canada CPI came in at 2.8% in April, above expectations. Putin is arriving in Beijing for a state visit, underscoring China-Russia ties. Polymarket shows continued interest in Iran asset freeze and Strait of Hormuz transit questions.