WS #9871

The dominant signal in this window is the confirmation and market impact of the US-Iran deal. President Trump stated the deal is 'all signed' and that the Strait of Hormuz will be 'completely open' by Friday, corroborated by Al Jazeera and multiple sources. This has driven a broad risk-on move: European stocks gained, oil prices dropped (benefiting airlines and consumer discretionary), and Latin American airline stocks rose on lower fuel costs. The deal also triggered a mass return of displaced Lebanese to southern Lebanon. Separately, Salesforce announced a $3.6 billion acquisition of AI agent firm Fin, boosting its stock. SpaceX stock surged on its first full day of trading. The narrative arc is ESCALATING for the Iran deal's market effects, with the deal now signed and implementation details emerging. The previous themes (Fox-Roku M&A, SpaceX IPO) remain stable but are not refuted; the Iran deal is the new dominant catalyst.