WS #9309

The dominant theme remains the escalating Iran-Israel conflict, now in an active exchange of strikes with multiple sources (Al Jazeera, AP, social media) reporting Israeli strikes on military targets in Tehran, Tabriz, and Isfahan after Iran fired ballistic missiles at Israel. This marks a significant escalation from the previous ceasefire, with Iran adopting a new 'strategic doctrine' of immediate retaliation. However, a counter-signal emerged: Iran lifted flight restrictions and reopened its airspace, and Israel reopened the Kerem Shalom and Rafah crossings for humanitarian aid, suggesting a potential de-escalation. Separately, the Pentagon posted a list of entities to be designated as 'Chinese Military Companies,' including Alibaba, Baidu, BYD, and others, which could pressure these ADRs. The chip sector is rebounding after Friday's selloff, with Intel leading gains on reports that Nvidia and Google are considering it as a backup chipmaker. Apple's WWDC 2026 keynote is underway, with expectations for AI Siri and iOS 27 updates, which could drive AAPL. The US economy is defying the Middle East war with reacceleration, per TS Lombard. A 7.8 magnitude earthquake in the Philippines killed dozens, but market impact is likely limited. The SpaceX IPO is set for Friday, with Morningstar valuing it at half the IPO price, creating potential volatility.