In today’s pre-market summary for Subscribers: Stocks retreated as Brent crude rebounded above $103/bbl amid renewed attacks on Middle East energy infrastructure, now in day 18 of the conflict with the Strait of Hormuz still near standstill. Trump's request to delay his Xi China summit gives Beijing breathing room to assess Iran war dynamics, while his call for allied warships from European allies to escort tankers has so far been met with silence. With the two-day FOMC starting today (decision Wed 2pm ET + dot plot/Powell at 2:30), higher oil is tempering rate cut expectations: Money markets now price just one 2026 rate cut in Sept vs prior expectations of two, despite the weak Feb non-farm payrolls (-92K). We see three conditions needed to end the war: removal of Mojtaba Khamenei as Supreme Leader, permanent Hormuz reopening, and verified Iranian nuclear abandonment. Equities should reclaim highs once oil retreats and softer jobs boost quicker Fed easing; 2026 S&P EPS $310 (+12% YoY) implies 21.6x P/E and ~40bp equity premium to TYs, consistent with non-recession history. We remain cautious on $Tesla(TSLA.US) amid falling 2026-2030 estimates, accelerating competition in unsupervised autonomy (GOOG, BIDU, WRD, PONY, AMZN already at 850K paid rides/week with no safety monitors), and TSLA’s extended ~200x 2026 P/E vs +40% LT growth (5x PEG).