WS #8847

The data window is dominated by the ongoing Iran war and its economic fallout, with multiple sources confirming persistent inflation, consumer pessimism, and geopolitical uncertainty. Key developments include Trump rejecting Iran's counteroffer, prolonging the conflict and keeping oil prices elevated. U.S. inflation data (CPI 3.8%, PPI 6%) hit multiyear highs, and consumer sentiment fell to a record low. The Fed is now expected to potentially hike rates, with Kevin Warsh set to be sworn in as chair. In corporate news, Nvidia announced a major push into PC processors with the RTX Spark chip, partnering with Microsoft, Dell, HP, and others, which drove its stock up 4%. Anthropic confidentially filed for an IPO, and Strategy sold a small amount of bitcoin for the first time since 2022, pressuring crypto markets. The S&P 500 hit records but with narrow breadth, echoing dot-com bubble concerns. EV sales hit records in 37 countries as high gas prices boost demand. China's property market showed modest recovery signs. Overall, the macro narrative is one of stagflationary pressures from the Iran war, with tech/AI stocks diverging sharply from the broader economy. This window contains several high-signal developments. Nvidia's RTX Spark PC chip announcement is a major strategic move into the PC processor market, directly challenging Intel and AMD, and is corroborated by multiple sources (CNBC, Nikkei, TechCrunch). Anthropic's confidential IPO filing at a $965B valuation signals a landmark AI deal and is covered by CNBC and Bloomberg. Strategy's first bitcoin sale since 2022 (32 BTC for $2.5M) is a significant shift from its 'never sell' strategy, pressuring crypto markets. The S&P 500's narrow breadth (only 20 stocks at record highs) echoes the dot-com bubble top, a warning signal flagged by Bank of America. Consumer sentiment fell to a record low of 48.2 due to surging gas prices, corroborated by University of Michigan survey and CNBC. Walmart issued a worse-than-expected outlook due to high gas prices, sending shares down 7%. The Fed is running out of reasons to cut rates, with hawkish leanings. Gold has surpassed US Treasuries as the top central bank reserve asset, a structural shift. EV sales set records in 37 countries as high gas prices boost demand. The Iran war narrative is stable but escalating in economic impact, with oil prices elevated and new U.S. sanctions issued.