WS #9623

The dominant narrative this window is the escalating US-Iran crisis, with Trump aggressively denying leaked deal terms and condemning a drone attack on Indian ships in the Hormuz Strait, calling it 'totally unacceptable' and demanding Iran 'get its act together fast.' This contradicts earlier hopes of a ceasefire extension and has driven a 'peace trade' reversal, with oil prices extending losses initially but now facing renewed uncertainty. The SpaceX IPO is the other major event, with shares indicated to open at $171 vs IPO price of $135, drawing over $350B in demand, positioning it as the world's 7th largest public firm and making Elon Musk history's first trillionaire. Additionally, Google will appeal a German court ruling on AI overview liability, a negative for AI sentiment. BlackRock's private credit funds limiting withdrawals adds to credit market concerns. The Sam Bankman-Fried appeal loss is a carry-forward negative for crypto sentiment. The US-Iran situation is ESCALATING, with Trump's statements directly contradicting any near-term deal.