WS #9055

The dominant signal in this window is the escalation of US-Iran tensions, with Iran's navy firing warning shots at US destroyers in the Gulf of Oman, corroborated by state media and multiple news outlets. This follows the earlier Constanta drone explosion and adds to geopolitical risk, threatening oil supply routes through the Strait of Hormuz. The UN warns that the US-Iran war is pushing millions into food crisis as oil prices remain elevated. Separately, Airbus delays XLR deliveries to Indigo due to war-related supply chain disruptions, a negative for Airbus and Indigo. Lululemon's weak guidance (-13% premarket) and broad chip stock weakness (AMD -3%, Arm -5%, Micron -3%) continue the tech selloff. Bitcoin remains under pressure at $62,500, down 50% from ATH. The Constanta drone incident is de-escalating slightly as Romanian authorities lift restrictions and Ukraine's navy says the drone was jammed and drifted, but the US-Iran naval confrontation is escalating. The India GDP beat and SpaceX IPO chatter are carried forward from prior windows.