The hour is dominated by shifting U.S.-Iran relations, as President Trump pivoted from military threats to pursuing diplomatic negotiations. Markets have reacted to this de-escalation with oil prices falling more than 4% as investors shed geopolitical risk premiums. In corporate news, AstraZeneca and Bristol-Myers Squibb are reportedly in merger discussions, while Toyota faces a fifth consecutive profit decline linked to the recent earthquake in Japan. In government and policy, the Department of Justice continues to permit TikTok on federal devices despite espionage concerns, and California Democrats have moved to support a billionaire tax measure against the opposition of Governor Newsom. Additionally, recent analysis suggests that European nature-protection mandates may be linked to increased wildfire risks.