WS #7974

The dominant signal in this window is the resignation of Tulsi Gabbard as Director of National Intelligence, confirmed by multiple sources (Fox News, Axios, CNBC, NBC, Al Jazeera, and numerous social media posts). The resignation is attributed to her husband's battle with a rare form of bone cancer, effective June 30. This is a political development with limited direct market impact, but it introduces uncertainty in the intelligence community. Separately, Iran's Foreign Ministry spokesperson stated that negotiations are focused on ending the war but that a deal is not necessarily close, dampening hopes for a near-term resolution and contributing to a slight uptick in oil prices. The Fed minutes from April 28-29 were released but contain no new policy signals. The Baker Hughes oil rig count showed a +10 increase to 425, above the 416 estimate, indicating continued US production growth. Nvidia's post-earnings stock is slightly lower despite a blowout quarter, continuing a pattern of post-earnings pullbacks. The US government announced $2 billion in quantum computing investments, boosting quantum stocks. SpaceX's IPO filing revealed a $1.45 billion Bitcoin position and heavy reliance on Starlink for profits. The prevailing macro narrative is stable with no major escalation or de-escalation in the Iran conflict, though oil prices remain elevated.