Stocks held steady pre-market at record highs, with Brent crude up +1% to $111 on the ongoing U.S.-Iran conflict and closed Strait of Hormuz. Trump vowed to sustain the naval blockade to pressure Iran back to the bargaining table. $Apple(AAPL.US) surged +3.2% after forecasting 14-17% Q3 revenue growth, beating expectations. We see S&P 500 extending gains post-conflict, with 2026 EPS at $325 (+17% YoY) implying a 22x P/E. We remain cautious on $Tesla(TSLA.US) due to declining earnings estimates, rising autonomy competition, and a stretched valuation.