WS #7789

The dominant narrative in this window is a de-escalation in multiple geopolitical flashpoints, acting as a counter-signal to the prevailing crisis thesis. Saudi Arabia publicly welcomed U.S. efforts to restore Strait of Hormuz security and urged Iran to respond to mediation, while Trump stated he is 'in no hurry' on Iran and will 'give this one shot.' This diplomatic push, combined with reports of tankers exiting the Strait with 6 million barrels of crude, drove oil prices down over 2% (Brent $108.87, WTI $102.26). Separately, Samsung's union suspended a planned strike and signed a tentative pay deal, averting a major disruption to AI chip production. On the corporate front, Intuit announced a 17% workforce reduction (3,000 jobs) to focus on AI, while Target's strong earnings were overshadowed by a cautious Q2 outlook, sending shares down ~7%. Nvidia earnings after the close remain the key catalyst for tech, with the S&P 500 and Nasdaq attempting to break a three-day losing streak. The passing of former Rep. Barney Frank is noted but has limited direct market impact.