WS #8431

The dominant narrative in this window is the escalation of US-Iran nuclear deal progress, with a US source confirming progress in negotiations (16:37 UTC). This is corroborated by heavy Polymarket trading on Iran-related outcomes and a drone attack on Russian oil tankers in the Black Sea (16:27 UTC), which adds geopolitical risk to energy markets. The US inflation data for April showed the fastest pace in three years, driven by higher energy prices amid the Iran conflict, reinforcing stagflation fears and likely keeping the Fed on hold. This is a key macro headwind for equities. On the corporate side, Best Buy (BBY) and Dollar Tree (DLTR) reported upbeat Q1 results, driving consumer discretionary strength, while Salesforce (CRM) results were uninspiring, fueling AI disruption fears. Meta (META) saw a potential floor from CEO Zuckerberg's cloud commentary. Agilent (A) surged on Q2 beat and raised guidance. The EU is discussing potential restrictions on Chinese imports, which could impact trade-sensitive sectors. The US-Iran ceasefire narrative is ESCALATING with deal progress, but the drone attack on Russian oil tankers introduces a counter-signal that could disrupt oil supply and support crude prices.