WS #13352

The dominant narrative remains the risk-on rally driven by US-Iran de-escalation, with the Dow closing at a record high (+1.32% to 53,178.41), S&P 500 +1.48% to 7,600.50, and Nasdaq +2.13% to 25,913.90. Oil prices plunged ~5% (WTI to $79.24, Brent to $83.77) after Trump called off strikes on Iran, with talks reportedly resuming, though Iran denies direct negotiations. This is corroborated by multiple sources (Washington Times, GDELT, oilprice.com, marketwatch). Treasury yields fell 5bps to 4.69%, easing inflation concerns. The rally is broad-based with Amazon crossing $3T market cap (+4.6%), Microsoft +4.9%, Alphabet +4.9%, Nvidia +2.9%, and Boeing +6.66% (biggest gain since December). 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. 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.