U.S. stocks rose pre-market (SPX +0.2%, NDX +0.6%) ahead of today’s Fed policy decision and new Fed Chair Warsh’s first press conference, with oil stabilizing at $79/bbl and 10-year yields dipping to 4.43%. $SpaceX(SPCX.US) rose again pre-mkt by +3.4% to $209, and is poised to overtake $Microsoft(MSFT.US) as the world’s 4th most valuable company. A more dovish outlook from falling oil prices and easing inflation is boosting AI/tech and consumer discretionary plays, while S&P 2026 EPS estimates climbed to $342. I remain cautious on $Tesla(TSLA.US) amid declining earnings forecasts, rising autonomous competition, and an extended P/E relative to future growth potential.