Highlights from today’s pre-mkt summary: Stocks were mixed in pre-market Friday, with Tech rallying on Intel's blockbuster 2Q revenue forecast. Meanwhile, little progress was made in bringing US/Iran back to the bargaining table. Oil rose to $107/bbl amid continuing US-Iran tensions. We believe equities will reclaim their highs once the Middle East conflict eases, with S&P 500 2026 EPS estimates at $325 (+17% YoY) implying a 21.9x P/E and a +30bp earnings yield spread vs 10yr TYs, in line with historic spreads. We remain cautious on $Tesla(TSLA.US) due to declining long-term earnings estimates, delayed autonomy timeline, rising autonomous competition, and TSLA’s stretched valuation.
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