In today’s pre-mkt summary for Subscribers: Stocks recovered as President Trump pledged safe passage for oil tankers through the Strait of Hormuz amid the five-day-old Mid East conflict. Brent crude rose again to $82.70/bbl and is now +19% since fighting erupted over the weekend. 10y yields, precious metals, and #bitcoin were all higher and longer duration equities rose pre-mkt. $Broadcom(AVGO.US) reports earnings after today’s close, $Costco Wholesale(COST.US) reports tomorrow PM, and Feb non-farm payrolls is Friday (+60K exp). We view the oil price surge as transitory (akin to 2021-22 Russia’s invasion of Ukraine), and expect equities to reclaim highs once the conflict ends, oil retreats, and softer jobs data leads to two Fed rate cuts by year-end. Stocks are not expensive by historic norms: 2026 S&P EPS $310 implies 22.2x P/E and 4.5% earnings yield (~50bp above 10y Treasuries), in line with non-recessionary history. We remain cautious on $Tesla(TSLA.US) given declining 2026-2030 estimates, rapid unsupervised autonomy progress by competitors, and stretched valuation (2026 P/E ~200x vs +40% LT growth, 5x PEG).