U.S. stocks were modestly higher pre-market (SPX +0.1%, NDX +0.3%) as rising oil prices offset AI gains. Brent crude top…

U.S. stocks were modestly higher pre-market (SPX +0.1%, NDX +0.3%) as rising oil prices offset AI gains. Brent crude topped $115/barrel on reports of possible U.S. strikes on Iran after midterms. Investors awaited a likely hawkish hold Fed decision and earnings from $Alphabet - C(GOOG.US) and $Microsoft(MSFT.US) today and $Amazon(AMZN.US) tomorrow. $SK Hynix(SKHY.US) surged on blockbuster results and its outlook that long-term memory demand will exceed supply through at least 2030, lifting Samsung and $Micron Tech(MU.US) in sympathy. Most tech names rose, with $Tesla(TSLA.US) and $SpaceX(SPCX.US) higher amid continued merger speculation, while $Robinhood(HOOD.US) fell on weak 3Q results. S&P 2026 EPS of $369 implies a 20.9x P/E (4.8% yield), inverted to the 5.01% 10-year, which is likely to ease as Iran tensions fade. We remain cautious on $Tesla(TSLA.US) given its extended valuation, negative earnings revisions, and our view that autonomous driving technology becomes a commodity over time.