Highlights from today’s pre-mkt summary: Stocks rose modestly pre-market as the US and Iran considered resuming negotiations to extend the fragile ceasefire past April 22, while President Trump implemented a naval blockade of the Strait of Hormuz to curb Iran's oil exports. Brent crude fell to $98/barrel. 10-year Treasury yields slipped, and gold, silver and bitcoin all gained. $Tesla(TSLA.US) advanced 1.7% to $358 after UBS upgraded the stock to neutral. Investors’ focus shifts to bank earnings today from $JPMorgan Chase(JPM.US), $Citigroup(C.US), and $Wells Fargo(WFC.US). Investors showed cautious optimism that a resolution remains possible, viewing the blockade as less escalatory than President Trump’s infrastructure threats. I expect equities to reclaim new highs once the conflict ends, oil retreats, and slower employment growth boosts Fed rate-cut odds. S&P 500 2026 EPS estimates have risen to $324 (+17% YoY), implying a 21.2x P/E, which implies a 4.7% earnings yield vs 4.3% 10yrTY, a premium in line with historical norms.