WS #13350

The dominant narrative remains the post-earnings tech rally, with Palantir (PLTR) delivering a blowout Q2 (revenue +93% to $1.94B, EPS $0.41, US commercial +149%, FY26 guidance raised to ~$8.15B) and Snap (SNAP) beating on revenue and Q3 guidance, sending both stocks up 8-10% after hours. This is corroborated by CNBC, Seeking Alpha, and multiple social feeds. The US-Iran situation shows mixed signals: Trump claims talks are a 'last chance' and could begin within days, but Iran denies reviving talks, and a source claims Tehran has documented oil market manipulation tied to Trump insiders—this keeps geopolitical risk elevated but not escalating. OPEC+ raised production by 188,000 bpd for September, a counter-signal to oil supply concerns, though oil prices remain elevated. In M&A, Williams Companies agreed to buy Momentum Midstream for up to $5.5B, and Hillman agreed to acquire Kanebridge for $315M, both signaling consolidation in energy infrastructure and industrial distribution. Several mid-cap earnings beats (ON Semiconductor, Danaos, Matson, ONEOK, Cabot, Dorman) are positive but not market-moving. Treasury market volatility is ticking higher as investors bet on higher yields, a potential headwind for equities. Overall, the tech rally is STABLE and supported by strong fundamentals, while geopolitical risk is STABLE with a slight de-escalation bias due to OPEC+ supply increase.