WS #9481

The dominant market-moving signal in this window is the sharp escalation in US-Iran tensions, with President Trump stating the US will 'hit Iran hard today' and that Iran is 'playing us for suckers.' This has driven crude oil above $90/bbl (WTI +3% to $91) and triggered a broad risk-off move, with the Nasdaq falling over 1% and travel stocks hit. The US CPI for May came in at 4.2% YoY (in line with forecasts but up from 3.8% prior), with energy accounting for over 60% of the monthly increase, reinforcing stagflation fears. Gold fell 3.1% as the dollar strengthened on safe-haven flows. Separately, Senator Warren called on the SEC to delay SpaceX's IPO, citing governance and valuation concerns, which could dampen retail enthusiasm for the record $75B float. The SpaceX IPO is also expected to absorb selling pressure from Mag7 and semiconductor stocks as retail investors reallocate. On the corporate side, Cracker Barrel (CBRL) surged 23% on better-than-expected Q3 earnings and raised guidance, while Super Micro (SMCI) plunged over 17% and is below its 200-day MA. The US-Iran conflict narrative is ESCALATING, with no counter-signals or de-escalation in this window.