WS #6294

The dominant signal in this window is the continuation of the Apple (AAPL) earnings narrative, with multiple sources (CNBC, Seeking Alpha, Benzinga, Nikkei, GDELT) corroborating the beat: Q2 revenue $111.18B (beat ~$109.7B), EPS $2.01 (beat ~$1.95), driven by Services ($31B, +16%) and Greater China ($20.5B, +28% YoY). However, iPhone revenue of $57.0B slightly missed the $57.2B estimate, and CEO Cook cited supply constraints, causing a marginal after-hours dip. The $100B buyback and dividend hike provide a bullish floor. Separately, geopolitical tensions with Iran are escalating: drones over Tehran activated air defenses (multiple sources), Iranian forces struck a camp in Erbil, and the US delivered 6,500 tons of military equipment to Israel. Oil prices remain elevated (Brent at $126, per GDELT). The Fed's final Powell-led meeting resulted in a rate hold (3.5%-3.75%) with three dissents favoring a less dovish stance, reinforcing the 'no rate cut in 2026' narrative. The US House voted to end the 76-day DHS shutdown, a counter-signal to government dysfunction fears. In earnings after-hours, Roku (ROKU) popped 6% on a revenue beat ($1.25B vs $1.20B) and strong Q2 guidance; Reddit (RDDT) surged 8% on DAU beat (126.8M vs 125.9M) and strong Q2 EBITDA guidance; Roblox (RBLX) plunged 21% after slashing full-year bookings guidance; Atlassian (TEAM) rallied on Q3 beat. JP Morgan upgraded Teradyne (TER) to Overweight and raised Amazon (AMZN) price target to $330, while downgrading Meta (META) to Neutral and Kaiser Aluminum (KALU) to Underweight. The S&P 500 and Nasdaq are on track for their best month since 2020, with the S&P up ~10% in April. The Apple narrative is STABLE (beat confirmed, but iPhone miss caps upside). The Iran geopolitical theme is ESCALATING (drone activity, strikes, military shipments). The Fed narrative is STABLE (no change, hawkish tilt).