WS #10680

The dominant signal in this window is a wave of US Supreme Court rulings with direct market implications. The Court sided with Bayer/Monsanto, preempting state failure-to-warn claims on Roundup (7-2), which removes a major litigation overhang for the company. Separately, the Court struck down Hawaii's 'Vampire Rule' on concealed carry, expanding gun rights. On the corporate front, Micron (MU) reported blowout FQ3 earnings with record revenue of $41.46B and EPS of $25.11, guiding strong Q4 and locking in ~$100B in minimum contracted revenue; shares surged ~14% after hours. However, Apple (AAPL) announced broad price increases across Mac and iPad lines (up to $1,300 on high-end models) due to soaring memory costs, pressuring product margins and sending shares lower. The macro picture shows US consumer spending accelerating in May despite PCE inflation rising 4.1% YoY, the fastest in over three years, complicating the Fed's path. Bitcoin dipped to ~$58K, triggering $450M in leveraged long liquidations in 60 minutes. The Strait of Hormuz traffic remains at only 22.5% of pre-conflict levels, per Trump's own post, underscoring persistent geopolitical risk. The prevailing narrative is one of mixed signals: strong earnings from memory/semiconductors (MU, SNDK) versus consumer price sensitivity (AAPL) and sticky inflation.