Highlights from today’s pre-mkt summary: Stocks fell in pre-market trading, threatening a 13-day NDX rally—the longest since 2013—as the US Navy seized an Iranian cargo ship in the Gulf of Oman and the Strait of Hormuz remained closed, raising uncertainty over peace talks with a ceasefire expiring Wednesday. Brent crude surged while 10-year Treasury yields rose. Gold and silver fell, while Bitcoin rose modestly. TSLA slipped ahead of 1Q earnings on Wednesday. Despite conflicting signals from President Trump and Iranian officials, traders expect high pressure for a deal, with higher volatility likely. We expect equities to extend their record highs once the Middle East conflict resolves, oil prices retreat, and slowing employment growth boosts odds of faster Fed rate cuts. S&P 500 2026 EPS estimates have risen to $325 (+17% YoY) on AI infrastructure and energy gains, implying a 21.9x forward P/E with the 4.6% earnings yield +30bp vs 10yrTYs in line with historic precedent. We remain cautious on $Tesla(TSLA.US) due to declining long-term earnings estimates, rising competition in unsupervised autonomy, potential funding needs from the looming SpaceX IPO, and an extended 2026 P/E of 207x vs 2026-30 EPS growth of +37% (5.6x PEG).