WS #13491

The dominant theme in this window is a heavy earnings dump, with several high-significance beats and misses. The Fed's Cook speech is a key macro signal, reinforcing a hawkish tilt with 'running out of room to wait for disinflation' and 'ready to raise rates if disinflation does not return,' which corroborates prior signals and pressures growth stocks. In tech, Alphabet (GOOGL) is a MAG7 carve-out: shares fell to $362.43, down 11% from ATH, back in correction territory, and a breaking report says Jeff Dean and other top AI researchers are leaving Google to launch a startup, compounding the AI leadership shakeup. This contradicts the broader tech rally and is high significance. Earnings season is active: strong beats from SanDisk (SNDK) with a $14B buyback, Western Digital (WDC) beat but shares fell 11% on high expectations, MercadoLibre (MELI) beat with 50% growth, Block (XYZ) beat, eBay (EBAY) beat, Motorola (MSI) raised guidance, McKesson (MCK) raised guidance, Solventum (SOLV) raised guidance, and Figma (FIG) beat on AI agent monetization. Misses include Duolingo (DUOL), Bumble (BMBL), Talen Energy (TLN), and AppLovin (APP) which tumbled despite EPS beat on revenue miss. E.l.f. Beauty (ELF) surged on $50M tariff refunds. FTSE Russell lifted index treatment restrictions on Mexican securities, a positive for Mexican equities. The US-Iran-Hormuz narrative remains stable with no new data, so it is not repeated as a key development.