WS #8494

The dominant signal in this window is the continued escalation of US-Iran ceasefire optimism, with multiple sources (NBC, Bloomberg, Axios, BBC) reporting that negotiators are close to a preliminary peace deal. This is driving a sharp selloff in crude oil futures and a rally in equities, with S&P 500 futures rising 0.1% and gold rising on easing rate expectations. The NYT reports the draft deal includes a $300B investment fund. Counter-signals include Chevron's CEO stating the firm will bypass the Strait of Hormuz, and Ukraine striking Russian oil infrastructure (Volgograd refinery, Yaroslavl pumping station), which could offset some of the bearish oil pressure. Separately, Dell Technologies surged 37% premarket on blockbuster Q1 earnings and raised guidance, with Mizuho raising its price target to $435, driving sympathy moves in tech. CoStar Group agreed to acquire Zonda for $800M in cash. Replimune announced a planned BLA resubmission for RP1 following productive FDA discussions, sending uniQure stock up 20%. SpaceX skeptics have added reason for concern after Musk comments diverged from IPO filing, and Blue Origin's rocket explosion is weighing on space stocks. Bitcoin remains under pressure near $73K with ETF outflows continuing. The US-Iran ceasefire narrative is ESCALATING, with concrete deal details emerging.