U.S. stocks were mixed pre-market (SPX unchanged, NDX -0.4%) as the global chip selloff persisted, with Samsung and SK Hynix plunging in Asia. Brent fell 1.5% to $105 as Saudi Arabia intercepted Houthi missiles and President Trump threatened to get involved on Saudi Arabia’s behalf. The 10-year treasury yield eased 5.0bp to 5.19%. Banks kick off Q3 earnings today followed by tech heavyweights $ASML(ASML.US) and $Taiwan Semiconductor(TSM.US) later this week. Sept CPI is due tomorrow, and Fed Chair Kevin Warsh speaks on Friday at an IMF-World Bank event.

S&P 2026 EPS estimates of $367 continue to rise (+32% YoY) and imply a 21.3x P/E and 4.7% yield, remaining inverted versus Treasuries, a rare setup outside the late-1990s dot-com bubble. Treasury yields are expected to retreat as the Iran conflict ends. I remain cautious on TSLA given its extended valuation, negative forward earnings revisions, and autonomous driving commoditization by competitors.