WS #7911

The dominant narrative in this window is a wave of positive after-hours earnings reports from major companies, including Workday (WDAY), Ross Stores (ROST), Deckers Outdoor (DECK), Zoom Communications (ZM), and Take-Two Interactive (TTWO). These results are driving significant after-market stock moves, with WDAY up ~11%, ROST up ~7%, ZM up ~7%, and DECK up ~4%. The earnings beats and raised guidance are a bullish signal for the consumer and enterprise software sectors, potentially setting a positive tone for the next trading session. Separately, a drone attack on a major Russian refinery (NORSI) has shut down half its capacity, which could provide a modest tailwind for oil prices and energy stocks, though the impact is limited given the current Iran/Strait of Hormuz focus. On the geopolitical front, the US is deploying an additional 5,000 soldiers to Poland, and the US has sanctioned Hezbollah MPs and Lebanese officials. However, these developments are incremental and do not materially change the prevailing Iran narrative. The UK CMA is probing Microsoft's bundling of Windows, Office, and Copilot, which introduces regulatory risk for MSFT. Overall, the earnings-driven positive sentiment is the strongest signal, while geopolitical news remains stable.