WS #9500

The dominant narrative remains a sharp tech selloff (ESCALATING), with the XLK Tech ETF down 8.4% over the last four sessions, its worst stretch since Liberation Week. CAT was the worst DJIA name, falling 6.3%, and the DJIA closed under 50k. AVGO is 25% off its high. The tech rout is deepening. On the geopolitical front, the US-Iran situation is escalating: Axios reports Trump held a Situation Room meeting on Iran strike options, and a separate report indicates Trump is nearing a decision on strikes targeting Iranian oil export infrastructure. Iran's UN ambassador stated that no sustainable deal can be reached through threats, a hardline stance that dampens hopes for near-term diplomacy. This escalation supports elevated oil prices (WTI ~$90.45, Brent ~$93.51). Additionally, a Russian oil refinery halted operations after a drone attack, and the Strait of Hormuz disruption continues to impact supply chains. In company-specific news, Oracle (ORCL) reported a Q4 beat (EPS $2.11 vs $1.96 est, revenue $19.184B vs $19.095B est) and guided Q1 above estimates, but the stock is down ~8% after hours, likely due to the $40B debt/equity financing plan for FY2027, which dilutes equity holders. Navan (NAVN) raised FY2027 sales guidance above estimates. Stitch Fix (SFIX) beat Q3 estimates. Oxford Industries (OXM) beat EPS but missed revenue and gave weak Q2 guidance. Palantir CEO Karp reiterated bullish comments on enterprise AI, saying clients who try OpenAI and Anthropic 'come out screaming', a positive signal for PLTR. The DOJ is probing banks for 'debanking' customers for political reasons, adding regulatory overhang for major lenders. SpaceX IPO details emerge: 555.6M shares at $135 each, raising ~$75B, with blue-chip credit ratings lined up. The IPO is expected to rank as the largest ever. The tech selloff is the dominant theme, with the macro narrative of sticky inflation keeping the Fed on hold.