WS #6670

The dominant narrative in this window is the wave of after-market earnings reports for Q1 2026, with several notable beats and misses. AppLovin (APP) reported Q1 EPS of $3.56, beating estimates, and raised guidance, sending shares up 3.5% after hours. Arm Holdings (ARM) also traded higher after a Q4 beat. On the downside, Beyond Meat (BYND) fell back to penny stock territory after Q2 sales guidance trailed estimates. Geopolitical tensions in the Middle East continue to escalate, with reports of Iranian drone strikes on Kurdish positions in Erbil, Iraq, and ongoing clashes between Israel and Hezbollah in Syria. This is contributing to oil market disruption, as evidenced by Vitol turning to Mexico for crude. The geopolitical risk is also impacting specific companies: Accuray (ARAY) withdrew its FY26 guidance citing Middle East uncertainty delaying installations. The macro narrative is one of escalating geopolitical risk (Iran/Israel) offset by strong corporate earnings, creating a mixed backdrop for markets.