WS #7784

The dominant narrative in this window is a mix of geopolitical escalation and corporate earnings beats. Iran tensions remain elevated with IRGC threatening to extend the conflict 'beyond the region' if fighting resumes, while a NYT report claims US/Israel planned to install Ahmadinejad as Iranian leader. UK eased sanctions on Russian oil imports as fuel prices soar, and all 50 US states hit $4/gallon gas. On the positive side, Analog Devices (ADI) reported a strong beat and raised Q3 guidance well above estimates, signaling robust semiconductor demand. Samsung's 48,000 workers prepare for a potential strike, threatening global chip supply and boosting memory chip stocks (MU, NVDA, AMD) in premarket. Target (TGT) beat Q1 estimates and raised FY26 sales guidance, signaling consumer resilience. GDS Holdings beat Q1 estimates but affirmed FY26 sales guidance below consensus. China cut spending at the fastest pace in six months, a negative for the Chinese economy. The UK froze fuel duty for the rest of the year, a modest consumer relief. Overall, the market is focused on Nvidia earnings after the close, with chip sector sentiment supported by ADI's strong outlook and Samsung strike risk.