WS #7836

The dominant signal in this window is the after-market reaction to Nvidia's Q1 earnings beat. Despite record revenue of $81.6B (vs $78.86B est.), EPS of $1.87 (vs $1.76 est.), and strong Q2 guidance of $91B (vs $87.2B est.), S&P 500 futures are down 0.3% and Nasdaq futures down 0.4%, with NVDA shares slipping 1.4% in extended trading. This suggests the beat was already priced in, and the market is disappointed by the lack of a larger upside surprise. The narrative arc for NVDA is DE-ESCALATING from the prior 'beat' to a 'sell-the-news' reaction. A MAG7 carve-out: NVDA's after-hours dip contradicts the broader tech rally narrative. Separately, Intuit (INTU) is down over 14% after reporting a revenue miss and announcing a 17% workforce reduction, a high-significance negative for the fintech sector. On the geopolitical front, Iran stated 'no reason to transfer enriched uranium' and talks with the US via Pakistan continue, but no new actionable data. The SpaceX IPO filing remains a high-significance event but is STABLE with no new data in this window. The Fed proposed limited master accounts for crypto firms, a positive signal for crypto adoption but not market-moving in the near term. Moody's cut Mexico's credit rating to the lowest investment grade, a negative for Mexican assets but limited US market impact.