US prepared for protracted stalemate with Iran

The US is bracing for an open-ended Iran standoff while markets reel from Meta's massive AI spending commitments.

• Markets sell off hard: Nasdaq 100 fell nearly 3%, Brent crude jumped above $113/barrel, and European riskier bonds sold off after Meta said it needs "hundreds of billions of dollars" more for AI; 10-year Treasury yields dropped below 5% for the first time in over a month.
• Brazil runoff tightens: Lula overhauled his digital strategy (including selfie videos) and is attacking Flavio Bolsonaro's plan to cut spending 2% of GDP, after Bolsonaro took 47% in round one; runoff is Sunday.

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