Geopolitical tensions involving Iran dominate the wire as the U.S. weighs a potential two-week air campaign in response to recent missile attacks, amid ongoing skirmishes involving Iraqi militants, Houthi shipping interference, and broader concerns over energy security. Concurrently, the Q2 earnings season remains a primary focus; while companies like Arm, Impinj, and Microsoft emphasize AI-fueled growth, firms face mounting investor scrutiny regarding the profitability impacts of massive capital expenditures. Domestic political friction is also intensifying, characterized by the Senate's push toward contempt proceedings against Dr. Anthony Fauci and uncertainty surrounding President Trump’s Attorney General nomination due to Republican holdouts. Markets are further contending with these pressures alongside a steady interest rate decision from the Federal Reserve and significant volatility in South Korean equities.