WS #8086

The dominant signal in this window is the escalating Russia-Ukraine conflict, with a massive combined missile and drone attack on Kyiv overnight, including potential use of Oreshnik IRBMs. This corroborates the previous warning of an imminent attack and represents an escalation. Separately, the Iran-US peace deal narrative continues with conflicting signals: Trump claims a deal is 'largely negotiated' and the Strait of Hormuz will reopen, but Iranian sources lay out details that may differ. The White House shooting incident is now resolved and contained, with no ongoing market threat. The SpaceX IPO continues to generate interest, but no new pricing details. Overall, the Russia-Ukraine escalation is the most actionable signal, likely boosting defense stocks and energy prices, while the Iran deal remains a mixed signal for oil markets.