WS #6709
The dominant macro narrative remains the Iran-US conflict and Strait of Hormuz disruptions, but this window shows potential de-escalation signals: Iran says it is reviewing a 14-point US proposal to end the war, and US stock futures are steady as traders await Iran's reply. However, the US struck an Iranian oil tanker attempting to breach the blockade, and the DOJ is investigating $2.6 billion in suspicious oil trades tied to Iran war announcements, indicating continued enforcement. The situation is STABLE with mixed signals. On earnings, several major companies reported: Tapestry beat Q3 estimates and raised FY26 guidance, shares up; W.W. Grainger beat Q1 estimates and raised FY26 guidance significantly; Arrow Electronics beat Q1 estimates and issued strong Q2 guidance; Hertz beat revenue estimates; Rackspace Technology missed EPS but beat revenue and signed an MOU with AMD; Sempra missed revenue estimates. These earnings are individual stock movers but not macro-shifting. Tesla secured a record $100M semi-truck order from WattEV for 370 vehicles. Silver spot price broke above $31/oz, gaining nearly 5% intraday. No MAG7-specific contradictory signals emerged. Carry forward the Iran-US conflict as high significance.
Key developments
- Iran reviewing 14-point US proposal to end war; US strikes Iranian oil tanker
- DOJ investigating $2.6 billion in suspicious oil trades tied to Iran war announcements
- Tapestry beats Q3 estimates, raises FY26 guidance
- W.W. Grainger beats Q1 estimates, raises FY26 guidance significantly
- Arrow Electronics beats Q1 estimates, issues strong Q2 guidance
- Tesla secures record $100 million semi-truck order from WattEV for 370 vehicles
- Silver spot price breaks above $31/oz, gaining nearly 5% intraday
- Rackspace Technology misses Q1 EPS but beats revenue, signs MOU with AMD for enterprise AI cloud