WS #13351

The dominant narrative is a broad risk-on rally driven by de-escalation in US-Iran tensions. Trump called off strikes on Iran, citing requests from Gulf allies, and oil prices plunged ~5% (WTI to $79.24, Brent to $83.77), fueling a Dow record close (+1.32% to 53,178.41), S&P 500 +1.48%, and Nasdaq +2.13%. This is corroborated by multiple sources (Washington Times, GDELT, marketwatch, social feeds). The rally is broad-based with Amazon crossing $3T market cap (+4.6%), Microsoft +4.9%, Alphabet +4.9%, and Nvidia +2.9%. However, Apple fell 1.88% despite beating revenue, due to supply constraints and guidance concerns, a notable divergence from the tech rally. Post-earnings, Palantir (PLTR) surged 8% on a blowout quarter (revenue +93%, US commercial +149%, FY26 guidance raised to ~$8.15B), and Snap (SNAP) jumped 10% on revenue beat and strong Q3 guidance. Onsemi (ON) also beat and guided Q3 above consensus, with plans to acquire Synaptics. Treasury yields fell 5bps to 4.69% as oil dropped, easing inflation concerns. The US-Iran situation is DE-ESCALATING, though Iran denies talks are happening, creating some uncertainty. The 25 Democratic-led states suing over Section 301 tariffs is a new legal overhang for trade policy. Overall, the market is in a risk-on mode, with tech leading, but Apple's weakness and the tariff lawsuit are counter-signals.