WS #6105

The dominant narrative remains the Iran-US conflict, with oil prices rising (Brent +2.45% to $107.87, WTI +1.81% to $96.11) as peace talks stall and the Strait of Hormuz remains restricted. The S&P 500 and Nasdaq hit fresh all-time highs, but the Dow edged lower, reflecting market divergence. In after-hours trading, a wave of Q1 earnings reports provided stock-specific catalysts: Nucor (NUE) beat estimates with revenue of $9.5B vs $8.88B est., sending shares higher; Bed Bath & Beyond (BBBY) soared after beating revenue estimates; Bloom Energy (BE) jumped after Oracle announced it will use Bloom fuel cells to power a 2.45 GW AI data center microgrid; Celestica (CLS) beat Q1 estimates and raised FY2026 guidance significantly; LendingClub (LC) reported record pre-tax income and raised guidance; Sanmina (SANM) beat and raised guidance; Rambus (RMBS) beat but guided Q2 sales below consensus, sending shares lower; and Crane (CR) beat and raised guidance. The China block of Meta's acquisition of AI startup Manus is a significant geopolitical development for tech, potentially impacting META's AI strategy. The attempted assassination of Trump is now a formal federal case with attempted murder charges, but this is largely priced in and did not cause market disruption. The narrative arc is ESCALATING for geopolitical tensions (Iran, oil) and STABLE for the assassination attempt, while earnings season is providing positive stock-specific catalysts.