[MARKET UPDATE] Stocks and T-notes hit, crude and dollar bid on reports from Israeli Press that Iran Parliament Speaker Ghalibaf has resigned from the negotiating team following IRGC intervention

This update indicates heightened geopolitical tensions, particularly concerning Iran's internal power dynamics. The resignation of Ghalibaf from the negotiating team, coupled with the perception that the IRGC is exerting more control, suggests a shift towards a more hawkish stance, which could exacerbate market volatility. As a result, we see risk-off sentiment impacting equities and T-notes, while crude and the dollar gain traction amid concerns over potential escalations.