U.S. stocks retreated Friday (SPX -0.5%, NDX -1.2%) amid semiconductor selloffs and OpenAI delay concerns, while Korean chipmakers plunged. Brent crude fell by an additional 3.4% to $72.71, as the Strait of Hormuz reopened post-U.S.-Iran peace progress, flooding markets with supply and easing inflation fears. We believe equities will reclaim their highs with oil prices and long-term treasury yields falling and 2Q earnings starting in a few weeks. S&P 500 2026 EPS estimates have risen to $342 (+23% YoY), implying a 21.5x P/E and 4.6% earnings yield, offering a +28bp premium to 10yr TYs. We remain cautious on TSLA due to declining forward earnings ests, intense autonomy competition, and an extended valuation (2026 P/E 200x vs +35% long-term earnings growth)