WS #6673

The dominant narrative in this window is a heavy earnings session with several high-significance beats and guidance raises, particularly in tech and energy. Fortinet surged 16% after lifting full-year billings guidance well above consensus, signaling strong cybersecurity demand. DoorDash popped 14% on rosy Q2 order guidance, while ARM Holdings rose 6% on a slight earnings beat driven by AI chip IP demand. On the negative side, Zillow fell 7% on a residential revenue miss, and Amplitude cut its FY EPS guidance, sending shares lower. In energy, Tenaris beat estimates sharply (EPS $1.07 vs $0.48) on strong sales despite Middle East disruption, while SM Energy and Murphy Oil also beat. The geopolitical backdrop remains tense: Israel bombed Beirut's southern suburbs for the first time since the April ceasefire, and the Strait of Hormuz remains functionally closed for over 50 days, with oil prices elevated (WTI near $90). However, China called for the Strait to be reopened in Iran talks, a potential de-escalation signal. The Fed's Goolsbee struck a cautious note on inflation, which has moved up since the start of the US-Iran war. Overall, the market narrative is mixed: strong earnings from select tech and energy names are being offset by geopolitical risk and inflation concerns. The dominant theme is ESCALATING on Middle East tensions but STABLE on earnings season, with individual stock moves driven by company-specific results.