WS #13014

The dominant signal in this window is the continued escalation of US-Iran tensions, with oil prices surging (Brent crude +4.98% to $88.28, WTI up ~6-7%) and a report of an American LNG tanker hit by a drone in Damietta Port, Egypt. This corroborates the geopolitical risk narrative from the previous window and is escalating. The 30-year Treasury yield remains elevated. On the earnings front, Meta Platforms (META) reported a significant miss: Q2 GAAP EPS of $6.18 vs $7.18 estimate, with Family of Apps operating income of $23.39B missing $26.11B, and weak Q3 revenue guidance of $61B-$64B vs $62.68B estimate. The stock is down over 9% after hours. In contrast, Microsoft (MSFT) beat estimates with Q4 Non-GAAP EPS of $4.74 vs $4.24, revenue of $90B vs $87.6B, and Azure growth of 43% vs 39.6% estimate, sending the stock up ~3.5% after hours. Qualcomm (QCOM) reported a slight EPS miss ($2.21 vs $2.23) and weak Q4 guidance ($2.05-$2.25 vs $2.36), but noted a bottom in China handset revenue and plans to raise prices. Lam Research (LRCX) smashed estimates and issued strong guidance. Other notable beats include Starbucks (SBUX), Robinhood (HOOD), Fortinet (FTNT), and Carvana (CVNA). The narrative arc is ESCALATING on US-Iran tensions, with oil prices and Treasury yields as key transmission mechanisms, while earnings season continues to produce divergent outcomes across tech.