WS #7795

The dominant narrative remains the Iran conflict and its second-order effects, with no major new escalation or de-escalation signals in this window. Key developments include: (1) Iran rejected U.S. security guarantees, while the IRGC warned that resumed attacks would escalate beyond the Middle East, indicating a stalemate. (2) The UAE's new oil pipeline bypassing the Strait of Hormuz is 50% complete and expected operational by 2027, a long-term bearish signal for oil prices. (3) Intuit announced a 17% workforce reduction as part of a restructuring, a negative signal for the tech sector. (4) Canada's inflation rate jumped to 2.8% in April, which could influence Bank of Canada policy. (5) GameStop increased its stake in eBay to over 6%, a notable activist move. (6) SpaceX IPO hype continues to build, with potential $80B raise, boosting space-related stocks. (7) Bank Indonesia raised its policy rate by 0.5 points, exceeding expectations, signaling tightening in emerging markets. (8) UK extended fuel duty freeze, a counter-signal to high oil prices. (9) Ebola cases climbed to 653 with 144 deaths, a health risk but not yet market-moving. (10) Multiple analyst ratings and price target changes for stocks like Equinix, Synaptics, Enphase Energy, and Alphabet, but these are routine. The Iran ceasefire appears stable, with no new data points to change the prevailing thesis. The narrative arc is STABLE.