TL;DR

Oil drops on Iran diplomacy; Treasuries see strong demand; Meta gains on WhatsApp ads plan.

Highlights

• Oil fell over 4% (WTI below $70) after reports Iran is seeking talks with the US and Israel; OPEC kept demand growth outlook steady but trimmed 2026 non-OPEC supply estimates120.
• Despite diplomatic signals, Iran reportedly preparing its largest missile attack on Israel; Israel struck Iranian state broadcaster in Tehran114.
• President Trump refused to sign the G-7 statement on Israel-Iran de-escalation, but is preparing a new nuclear proposal for Iran; US deployed ~30 aerial refueling tankers to Europe and is moving the USS Nimitz carrier toward the Middle East121819.
• US Treasury auctions saw strong demand across maturities, with the 30-year bond stopping through at 4.844% and high foreign participation5.
• Meta Platforms, Inc. Class A Common Stock shares rose up to 3% after announcing ads and paid channels for WhatsApp3.
• Sarepta Therapeutics shares plunged up to 45% after halting Elevidys gene therapy for non-ambulatory patients following a second death; Supernus to acquire Sage Therapeutics, Inc for up to $795M, sending Sage shares up 35%13.
• US drugmakers are accelerating licensing deals with Chinese biotech firms, driving a 60% rally in Chinese biotech stocks; calls for SEC to delist fraud-prone Chinese stocks after a WSJ investigation1516.
• Trump Media cleared to raise $2.3B for a Bitcoin treasury and filed for a Bitcoin-Ether ETF2; MicroStrategy Inc bought 10,100 BTC for $1.05B, increasing holdings to 592,100 BTC7.
• Tron to go public via $210M reverse merger after SEC paused its probe; JPMorgan filed for a "JPMD" trademark, signaling possible bank-backed stablecoin plans68.
• At Home Group filed for Chapter 11 bankruptcy, with lenders to take control and $2B in debt to be cut14.
• All 50 US states endorsed a $7.4B Purdue–Sackler opioid settlement; Senate Finance released a $3T Trump tax bill draft with a $10,000 SALT cap, challenging the House's $40,000 limit179.
• EU moving to ban new Russian gas deals, sidestepping Hungary and Slovakia vetoes10.

Commentary

Oil markets reversed sharply as reports of Iranian diplomatic outreach with the US and Israel reduced immediate fears of supply disruption, sending WTI below $701. However, the region remains volatile: Iran is reportedly preparing a major missile strike on Israel, and Israeli forces struck Iranian state media in Tehran114. The US is repositioning military assets, including aerial refueling tankers and the USS Nimitz, to increase operational flexibility in the region19. While some risk premium has come out of oil, traders should monitor for further developments that could quickly reverse the move.

US Treasuries saw robust demand across the curve, with the 30-year auction stopping through and strong foreign participation, despite heavy issuance and yields near 5%5. This suggests continued appetite for duration and safety amid global uncertainty and ongoing fiscal negotiations in Congress, where the Senate’s $3T tax bill—with a lower SALT cap than the House—could impact future issuance expectations9.

In equities, Meta Platforms, Inc. Class A Common Stock gained on plans to monetize WhatsApp with ads and paid channels3, while biotech was mixed: Sarepta cratered on safety concerns, but Sage Therapeutics, Inc soared on a buyout13. US drugmakers are ramping up licensing of Chinese biotech molecules, fueling a rally in Chinese names, though regulatory scrutiny is increasing after a WSJ probe into fraud-prone Chinese stocks1516.

Digital assets remain in focus. Trump Media received SEC clearance to raise $2.3B for a Bitcoin treasury and filed for a Bitcoin-Ether ETF2, while MicroStrategy Inc continued aggressive BTC accumulation7. Tron’s public listing and JPMorgan’s stablecoin trademark signal ongoing institutional engagement in crypto68. Crypto-linked equities and ETFs may see late-session flows.

Elsewhere, At Home Group’s bankruptcy and the Purdue–Sackler opioid settlement add to sector-specific headlines1417. The EU’s move to ban new Russian gas contracts could have longer-term implications for global energy markets, but near-term US trader impact is limited10.