U.S. stocks were mixed pre-mkt, with the S&P 500 on track for its best quarter in six years amid a pending U.S.-Iran peace deal and AI momentum. Oil fell to $72.58/bbl, 10yr treasury yields dipped to 4.36%, while gold and silver rose. $NVIDIA(NVDA.US) inched higher and $Tesla(TSLA.US) retreated after yesterday’s +8% gain; $Aerovironment(AVAV.US) surged +20% on strong earnings. Traders have rotated back into long-duration AI/tech and recovering consumer names as inflation eases. S&P 2026 EPS estimates rose to $342 (+23% YoY), implying a 21.8x P/E. $Tesla(TSLA.US) Q2 deliveries are likely to beat on Thursday following the surge in gas prices during the quarter, though I remain cautious long-term due to declining 2027-2030 earnings estimates, intense autonomous competition, and a seemingly stretched valuation. $Nike(NKE.US) reports after the close today, and the June U.S. employment report comes out Friday.
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