WS #13356

The dominant theme is a broad risk-on rally in US equities, driven by falling oil prices on US-Iran de-escalation hopes, with the Dow closing at a record high and the S&P 500 near its all-time high. This is corroborated by multiple sources (AFP, AP, Reuters, GDELT, MarketWatch) and represents an ESCALATING bullish trend. Key drivers: Brent crude fell ~4.7% to ~$83.77 after Trump said he would hold off on strikes against Iran, and there are reports of US-Iran talks 'going on right now' and Iran-Oman Hormuz route negotiations near completion. This oil decline is easing inflation fears and pushing Treasury yields lower (10-year at 4.68%). Tech megacaps led the rally: Amazon hit a $3 trillion market cap (+4.6%), Meta +6%, Microsoft +4.9%, Alphabet +4.9%, Nvidia +3%. Palantir (PLTR) crushed Q2 earnings with revenue up 93% YoY to $1.94B (beat $1.81B est), EPS $0.41 (beat $0.33), and raised full-year guidance; stock surged ~13% after hours. Snap (SNAP) also beat with revenue $1.60B vs $1.53B est, +19% YoY, stock +7.5%. Boeing (BA) rose 8% after FAA cleared the 737 Max 7. However, a counter-signal emerged: 25 US states sued the Trump administration over new tariffs on 60 trading partners, calling them unlawful—this could reintroduce trade uncertainty and weigh on importers/retailers. Also, Trump publicly criticized Chevron and ExxonMobil for making 'too much money' from high oil prices, pressuring them to cut retail prices, which could be a headwind for energy majors. In after-hours, Ichor Holdings (ICHR) plunged ~14% on soft guidance despite an EPS beat, and Whirlpool (WHR) missed revenue estimates. The macro narrative remains bullish for tech and risk assets, but the tariff lawsuit and Trump's oil price pressure are potential dampeners.