WS #5790

The dominant signal in this window is the confirmation of a three-week extension of the Israel-Lebanon ceasefire, announced by President Trump on Truth Social and corroborated by multiple sources. This de-escalation counters the prevailing bearish thesis of escalating Middle East conflict and is likely to dampen safe-haven flows (gold, oil) while supporting risk assets. Separately, Intel's strong Q1 earnings beat (EPS $0.29 vs $0.01 est.) and upbeat AI commentary drove a 15% after-hours surge, reinforcing the AI infrastructure narrative. SAP also beat earnings and raised its outlook, with cloud revenue up 19%. On the macro front, gold slipped as oil continued higher, rekindling inflation worries. The Warner Bros. Discovery-Paramount merger approval ($110B) faces regulatory scrutiny. Nike announced 1,400 additional job cuts. Overall, the ceasefire extension and strong tech earnings are the key signals.