Highlights from today’s pre-mkt summary for Subscribers: Stocks rose as President Trump indefinitely extended the Iran ceasefire amid stalled peace talks, despite the closed Strait of Hormuz and ongoing naval blockade. Brent crude climbed back to $100/bbl amid the uncertainty of timing of new peace talks. 10-year treasury yields eased, and gold, silver and bitcoin rose. $Tesla(TSLA.US) gained ahead of 1Q earnings, and $United Airlines(UAL.US) rose despite weak 2Q and full-year guidance. We expect equities to reclaim record highs once the Iran conflict ends, oil falls, and Fed rate cuts resume, supported by rising 2026 S&P EPS estimates of $325 (+17% YoY). We remain cautious on $Tesla(TSLA.US) due to deteriorating long-term earnings estimates, intense competition in unsupervised autonomy, and our view that TSLA’s extended valuation already reflects TSLA’s efforts to scale autonomous driving to new markets in 2H.