WS #13347

Earnings season dominates the window with a major beat from Palantir (PLTR), which posted Q2 EPS of $0.41 vs $0.35 expected and revenue of $1.94B vs $1.80B, with U.S. commercial revenue soaring 149% and FY2026 guidance raised to $8.15B-$8.16B. This is corroborated by CNBC, MarketWatch, and multiple feeds, marking a high-significance positive catalyst for PLTR and the broader AI software complex. Concurrently, the US-Iran situation shows mixed signals: Trump's 'last chance' rhetoric and Iranian threats against US warships suggest escalation risk, but oil prices plunged over 7% (Brent to $83.72) on de-escalation signals, and OPEC+ confirmed a 188,000 bpd production increase for August, acting as a counter-signal to supply concerns. This oil price drop is a macro headwind for energy names but a tailwind for airlines and consumer discretionary. Additionally, a 25-state lawsuit challenges Trump's latest tariffs, adding legal uncertainty to trade policy. Other notable earnings: Diamondback Energy (FANG) beat with EPS $6.48 vs $6.08 and raised production guidance, while Whirlpool (WHR) missed and cut guidance, and Inspire Medical (INSP) raised guidance despite revenue decline. The market narrative is risk-on with tech leading, as evidenced by a strong session with ORCL +9%, META +6.6%, MSFT +5.3%, and AMZN hitting $3 trillion market cap.