In today’s pre-mkt summary for Subscribers: Stocks are extending yesterday’s late-session gains after President Trump signaled significant progress toward ending the Iran conflict “very soon,” with US Navy escorts ensuring steady oil flows through the Strait of Hormuz, and Saudi oil giant Aramco poised to ramp up its bypass pipeline. Brent crude plunged -8% to $91/bbl, easing inflation fears reminiscent of the short-lived 2022 Russia-Ukraine oil spike. 10-year Treasury yields rose modestly while gold, silver, and #btc moved higher as investors’ risk appetites returned. Today's Feb CPI (pre-conflict) is due, but focus remains on next week's FOMC (Mar 17-18) for commentary about future monetary policy, an updated dot plot amid softer payrolls and higher oil prices. We continue to expect equities to reclaim new highs once the Middle East conflict resolves, oil retreats, and slowing jobs growth leads the Fed to cut rates 1-2 times by year-end. 2026 S&P EPS $310 implies a fair 21.7x P/E = 4.6% earnings yield ~50bp premium to 10yrTYs, in