The headline tension: Trump and Bessent both promised a Hormuz deal within days and none was announced by the deadline,  yet the S&P 500 closed at a record 7,757.64 despite the economy unexpectedly losing 23,000 jobs in July.  For your frame, the richest datum is buried in the deal mechanics: Araghchi agreed in principle over the weekend but still needed approval from Mojtaba Khamenei and the Supreme National Security Council  — the SNSC-as-decision-layer thesis confirmed in the approval chain itself.

PT-SPACE had its biggest week since founding: SPCX absorbed both its first earnings report and the largest share unlock in its history, jumping 15.8% Friday for its best day ever,  closing at $133.11 — within $2 of your $135 floor. Reclaiming that line next week is the tell.

One flat thread: no new INDOPAK ground signal, though the Senate bill’s 100% tariff authority naming India earned it a light entry.