WS #9076

The dominant market narrative is a broad risk-off move driven by a confluence of factors: stronger-than-expected US jobs data (172k vs 80k expected) has crushed hopes for Fed rate cuts, with odds of a rate hike this year jumping to 52% on Kalshi. This is compounded by escalating geopolitical tensions in the Middle East, with fresh strikes on Kuwait and Oman undermining US-Iran de-escalation hopes, and commercial traffic through the Strait of Hormuz severely limited. Tech stocks are leading the selloff, with the QQQ down ~3% and semiconductor stocks tumbling after Broadcom's disappointing results. Bitcoin has crashed below $60,000, and crypto markets are broadly lower. A counter-signal emerges from the MAG7: Apple's sentiment score remains resilient at 70.81, and Kevin Simpson bought more Nvidia on CNBC, suggesting selective dip-buying in high-conviction names. The House passed $2B in Ukraine aid, adding a fiscal dimension. The overall narrative is ESCALATING, with the risk-off move intensifying.