Futures Bounce As Brent Drops Under $90 On Renewed Iran Optimism

Global stocks rose as chipmakers rebounded, with falling bond yields adding support to risek sentiment after Brent crude slid below $90 a barrel, down more than 3% after a New York times reports that "evacuated foreign service officers could begin heading back to their posts as early as this week... suggesting Washington does not anticipate a renewal of full-scale conflict with Iran." Oil is also lower on positive signals from Pakistan’s army chief, and Al-Arabiya reporting that he carried an offer to lift sanctions under the MOU. As of 8:00am ET, S&P 500 futures climbed 0.4%, while those for the Nasdaq 100 advanced 0.9% and leading the charge in a reversal of yesterday’s cash performance. In premarket trading, semis lead with Memory, Mag7, Software, and Low/Unprofitable Tech all higher too. This is occurring with bond yields down 1-2bp. Nvidia was poised to break its longest losing streak since 2022. Semis are up 2% and Memory +3.5%, reversing all of yesterday's drop. NVDA is also leading Mag7 higher with 5 / 7 higher ex-AAPL, MSFT. The AI theme is boosting other sectors as Cyclicals ex-Energy lead Defensives. Monday saw the second-lowest tape volume of the year despite the update from Bessent and renewed noise around debasement trades. Gold snapped a four-day run of gains, while the dollar held steady. The yield on 10-year Treasuries declined four basis points. In a WSJ Op-ed, Stan Druckenmiller gives his view on the likelihood that Bessent - his former junior trader at Soros - is making with intervention. In commodities all 3 complexes are l