WS #11084

The dominant signal in this window is a pair of Supreme Court rulings issued around 10:10-10:30 AM ET. First, SCOTUS struck down federal limits on coordinated party campaign spending (NRSC v. FEC) in a 6-3 decision, which is expected to benefit Republicans and could increase political ad spending ahead of the midterms. Second, the Court upheld state laws banning transgender athletes from women's and girls' school sports, a social policy ruling with limited direct market impact. Separately, Allegiant Travel (ALGT) raised Q2 2026 adjusted EPS guidance to at least $1.25 following its Sun Country acquisition, a positive company-specific catalyst. Chip stocks continue to rally, with NVDA +1.5%, QQQ +1.3%, and analyst upgrades for LRCX, AMAT, and AEIS. Oil prices are on track for a 20% monthly decline as Strait of Hormuz traffic tentatively reopens, pressuring energy stocks. The macro narrative is stable: tech rally continues, oil slump persists, and SCOTUS campaign finance ruling is a new political development with potential ad-spending implications.