WS #8523

The dominant narrative remains the US-Iran nuclear deal, with the situation STABLE but with new data points. President Trump met in the Situation Room for two hours but did not reach a decision on a new deal with Iran, per NYT. Iran's Baghaei stated that control of the Strait of Hormuz must be jointly decided by Iran and Oman, not unilaterally imposed. Separately, UAE conducted dozens of airstrikes against Iran in coordination with the US and Israel throughout the conflict, per WSJ sources. Oil and gas shares continue to trade lower on optimism, while tech stocks rally on AI catalysts. A Russian oil port on the Black Sea (Temryuk) caught fire due to a drone attack, adding supply-side risk. SpaceX IPO is poised to be the largest in history, aiming to raise up to $75 billion at a $1.8 trillion valuation in June. Universal Music rejected Bill Ackman's Pershing Square $65 billion buyout offer. JPMorgan CEO Jamie Dimon blasted Coinbase's Brian Armstrong over the Clarity Act. Blue Origin is investigating a rocket explosion with possible wreckage washing ashore. Novak Djokovic was knocked out of the French Open by Joao Fonseca. Bitcoin hit six-week lows, diverging from US stock market strength. Oculis (OCS) announced failed Phase 3 trials for OCS-01 in diabetic macular edema; trading halted pending news. ConocoPhillips shares fell for seven consecutive sessions. A federal judge blocked Trump's $1.776 billion slush fund. The Kennedy Center renaming and closure were enjoined by a judge. Louisiana approved a map eliminating one of two majority-Black districts. Canada exported $14.6 million of military goods to Israel in 2025. The dominant theme is STABLE with no escalation in US-Iran tensions, but the drone attack on Russian oil port and UAE airstrikes add complexity.