Risk-on tone returning after Memorial Day. ES futures +0.70%, NQ +1.0%, YM +305pts on renewed optimism over a tentative U.S.–Iran diplomatic resolution. Crude is the cleanest expression of the de-escalation trade — WTI gives back ~2% as the Strait-of-Hormuz risk premium bleeds out. Yields are softer (10Y 4.57%), the dollar is pressured, and gold continues to grind to record territory near $4,551 as central banks remain net buyers. VIX at 16.7 keeps us firmly inside the "mid" volatility band — no fear, no euphoria.
Regime: RISK-ON / DOVISH-LITE. Setup favors cyclicals and small-caps over defensives into the U.S. open.
| Ticker | Company | EPS Surprise | Rev Surprise | Guidance |
|---|---|---|---|---|
| NVDA | NVIDIA (last week) | +12.4% | +3.4% | RAISED |
| PDD | PDD Holdings | +8.7% | +2.1% | RAISED |
| OKTA | Okta (after-hrs) | +5.3% | +1.2% | REAFFIRM |
| BNS | Bank of Nova Scotia | +2.0% | -0.4% | REAFFIRM |
| HEI | HEICO | +4.6% | +1.8% | RAISED |
| BMO | Bank of Montreal | -1.1% | -0.8% | CUT |
| BOX | Box Inc. (after-hrs) | +3.2% | +0.9% | RAISED |