WS #13348

Earnings season remains the dominant driver, with Palantir (PLTR) delivering a blowout Q2: EPS $0.41 vs $0.35 expected, revenue $1.94B vs $1.80B, U.S. commercial revenue up 149%, and FY2026 guidance raised to $8.15B-$8.16B. This is corroborated by CNBC, MarketWatch, Seeking Alpha, and multiple social feeds, marking a high-significance positive catalyst for PLTR and the AI software complex. Snap (SNAP) also beat with revenue of $1.6B vs $1.54B expected and strong Q3 guidance, sending shares up 10% after hours. On the negative side, Whirlpool (WHR) missed badly with a surprise Q2 loss and cut guidance, while Powell Industries (POWL) missed EPS despite record orders, sending shares down 12%. The US-Iran situation shows mixed signals: Trump's 'last chance' rhetoric and threats of 'decapitation' suggest escalation risk, but oil prices fell 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. Other notable earnings: Diamondback Energy (FANG) beat with EPS $6.48 vs $6.08 and raised production guidance, while ON Semiconductor (ON) beat and expects AI data center revenue to more than double this year. The market narrative is risk-on with tech leading, as evidenced by a strong session with MSFT closing 11.5% above its 5-day moving average, the second-largest extension on record.