Highlights from today’s pre-mkt summary: Stocks rose modestly in pre-market extending the Nasdaq’s 12-day winning streak—the longest since July 2009—as President Trump announced Iran had made key concessions in negotiations to end the seven-week war and a Israel-Hezbollah ceasefire boosted broader peace prospects. Brent crude fell, while gold, silver, and bitcoin edged higher. $Netflix(NFLX.US) dropped 10% on soft 2Q guidance. The S&P 500 is on track for a third straight week of +3%+ gains amid de-escalation hopes, AI optimism, and rising earnings. We expect equities to extend new records once the Middle East conflict ends, oil prices decline, and slower employment growth prompts faster Fed rate cuts. 2026 S&P 500 EPS estimates have climbed to $325 (+17% YoY), implying a 21.8x P/E and 4.6% earnings yield vs 4.3% 10yrTY, in line with its historic premium. We remain cautious on $Tesla(TSLA.US) due to declining long-term earnings estimates, rising competition in unsupervised autonomy, potential SpaceX IPO funding pressure, and a stretched valuation (200x+ 2026 P/E vs +35% long-term earnings growth).