WS #11271

The dominant signal in this window is Tesla's massive Q2 delivery beat, which contradicts the prevailing macro narrative of slowing EV demand. Tesla delivered 480,126 vehicles vs. estimates of ~396,466, a 25% YoY increase and a record for Q2. However, the stock is down ~7% on the day, likely due to profit-taking and JPMorgan's 'Neutral' rating, creating a potential buying opportunity. Separately, the US June jobs report showed only 57K new jobs vs. 110K expected, with downward revisions, which has eased rate hike fears and pushed the 2Y yield lower. This is a counter-signal to the stagflation narrative. The Iran Strait of Hormuz situation remains tense, with reports that Iran rejected a US proposal to drop toll plans in exchange for frozen assets, keeping oil supply risk elevated. SK Hynix removing price caps from LTAs is a bullish signal for AI memory stocks (MU, STX, WDC).