Stocks open Thursday at all-time highs as a tentative U.S.-Iran framework crushes oil and rewires risk appetite - but the next catalyst is sitting in tonight's earnings reports. U.S. equity futures pointed modestly higher early Thursday after Wednesday's record close, as investors weighed an emerging U.S.-Iran peace framework against a thick slate of corporate earnings. S&P 500 futures were up roughly 0.1% in pre-market trade, the Dow added about 0.2%, and the Nasdaq 100 hovered near flat after Wednesday's 2% surge. Oil was the standout move, extending its slide as traders priced in the possibility that the Strait of Hormuz could reopen to normal commercial flows.

Wednesday set the table. The S&P 500 climbed 1.5% - its best session in nearly a month - and the Dow added 612 points (1.2%) on reports that U.S. and Iranian negotiators are circling a one-page, 14-point memorandum of understanding aimed at ending the conflict and framing follow-on nuclear talks. Brent crude tumbled almost 8% to close at $101.27, while West Texas Intermediate fell roughly 7% to $95.08. Treasury yields slid in tandem as the energy-driven inflation premium leaked out of the curve. The peace trade, refined Markets have rallied on Iran headlines before, only to give it back. What's different this week is the level of detail leaking from the negotiating table: a structured framework, a defined timeline for an Iranian response, and signaling that Washington has paused certain Strait of Hormuz escort operations as a goodwill gesture. None of that guarantees a deal. It does, however, explain why crude is breaking down rather than oscillating - traders are starting to discount a real change in the supply picture rather than a temporary ceasefire.

For equity investors, the second-order effects matter as much as the headline. Lower crude feeds directly into transportation costs, packaging, and chemicals; lower long-end yields ease financial conditions for housing and growth-stock multiples; and a calmer geopolitical backdrop typically expands the discount investors are willing to pay for risk. That's the cocktail that pushed the S&P 500 and Nasdaq to fresh records. Earnings: the new driver With macro tailwinds priced in, Thursday's tape will be earnings-driven. The standout pre-market reactions:

Fortinet (FTNT) jumped roughly 15% after the cybersecurity firm beat Q1 estimates and lifted full-year billings guidance to $8.8 billion–$9.1 billion, up from a prior $8.4 billion–$8.6 billion range. The size of that raise is the story - security budgets are clearly holding up, and management's willingness to extend the guide tells you something about visibility.

DoorDash (DASH) rose nearly 10% after delivering Q1 revenue of about $4.0 billion and a beat on EPS. The platform continues to extend beyond restaurant delivery into grocery and convenience, and unit economics are still trending in the right direction.

Shake Shack (SHAK) tumbled close to 19% after missing on the top and bottom lines. Read-through: the casual-dining consumer is still selective, and even premium brands are not immune to traffic softness.

Whirlpool (WHR) slid on a quarterly miss, an early caution flag for big-ticket discretionary demand at a time when housing turnover remains thin.

Before the bell, all eyes turn to Datadog (DDOG), with consensus around $0.50 EPS and roughly $960 million in revenue. The print will be a clean read on enterprise software spending and AI-related observability demand - two of the more debated themes in this market. Fed in the background The April FOMC decision, in which the Committee held the federal funds target range at 3.50%–3.75%, remains the policy backdrop. The unusually wide 8-4 vote split - the broadest dissent since 1992 - underscores how divided the Committee is on the inflation-versus-growth tradeoff. Lower oil, if it sticks, gives the doves a cleaner argument heading into the June 16-17 meeting, where updated economic projections and a fresh dot plot will land. Markets currently lean toward another hold in June. What this means for investors A few takeaways for individuals and small business owners watching today's tape: Don't chase the peace headline. Geopolitical relief rallies are real, but framework agreements unwind quickly when the diplomatic detail gets messy. If you've been adding risk into the rally, this is a reasonable spot to revisit position sizing rather than press.

Watch energy exposure on both sides of your balance sheet. Falling crude is a tailwind for consumers and most industrials, and a headwind for energy producers. If your portfolio leans heavily into one side, a quick sector check-up is warranted. The same logic applies to small business owners - fuel and freight assumptions in your second-half budget may be too conservative if oil holds at these levels.

Earnings dispersion is the signal. Within a single morning we have Fortinet up 15%, Shake Shack down nearly 20%, and Whirlpool weak - the index can keep grinding higher while individual names get punished. Diversification across factors and sectors is doing real work right now.

Lock in what's been working. If equity gains have pushed your allocation meaningfully above target, partial rebalancing into bonds - where yields are still attractive and have room to fall further if the disinflation story takes hold - is a textbook move. Tax-loss harvesting opportunities are thinner at record highs, but tax-aware rebalancing in non-qualified accounts is worth a look before quarter-end.

For now, the path of least resistance remains higher: oil is cooperating, yields are easing, and earnings - at least in the cohort of leaders - are coming in better than feared. The risk is that any of those legs wobble at the same time. Stay focused on what you can control: position size, tax efficiency, and the quality of what you own.

Grant Wilson is the founder and CEO of Mission Accounting & Advisory Incorporated, a San Antonio, Texas firm specializing in tax preparation, strategic tax advisory, bookkeeping, and financial advisory services. He holds FINRA Series 7, 63, and 65 licenses. The views expressed are his own and do not constitute personalized investment advice. Always consult a qualified professional before making financial decisions.