Trump just walked back his Iran strike talk. 48 hours ago he was floating "another operation" — now he's saying no strikes today.

Markets hate uncertainty, but they hate military escalation more. Futures open in under 5 hours and this takes one tail risk off the table for now.

Oil was already cooling off. Defense stocks had their pop. Now we're back to watching earnings and the Fed. Geopolitical premium gets repriced out fast when the headline reverses.

Still — "today" doesn't mean "never." Keep it on the radar.