WS #13522

The dominant theme in this window is a broad Q2 earnings deluge, with several high-significance beats and misses that will drive individual stock moves. Notably, Datadog (DDOG) beat on both top and bottom lines and raised full-year guidance, yet the stock is down 22% premarket, echoing the AI selloff narrative where strong results fail to meet elevated expectations. Similarly, Sandisk and Western Digital are down ~10% despite beats, on soft guidance. AppLovin (APP) is down 27% after mixed results and price target cuts, while SoundHound (SOUN) is up 26% on a beat and raise. In the media space, the UK CMA cleared the Paramount-Warner Bros. Discovery deal, a major M&A catalyst for WBD and PARA. ConocoPhillips (COP) beat on higher crude prices and announced a CEO transition, while Howmet Aerospace (HWM) raised guidance sharply. On the macro front, the US-Iran/Hormuz situation remains de-escalating with Iran-Oman agreement in final stages, and gold is at seven-week highs on weak ADP data and Hormuz hopes. DR Congo banned exports of copper and cobalt concentrates, a potential supply shock for critical minerals. The semiconductor/AI selloff continues but with fresh earnings catalysts.