Futures Flat As Oil Rebounds After Trump's "Energy Ceasefire" Unravels, Memory Stocks Slide

US futures are flat, with S&P contracts clinging to small gains and the Nasdaq slipping into the red as memory stocks slide, after a weekend of contradictory geopolitical headlines whipsawed oil (see below). As of 8:00am ET, S&P futures were 0.1% higher at 7,865 while Nasdaq futures were down 0.1%. Dow futures are up about 0.1%. That follows a Friday session in which the S&P rose 0.6% to cap a 1.2% weekly gain (after a record close on Wednesday) and the Dow jumped 0.8%. In premarket trading, Meta leads the Mag 7 higher (+1.8%) while memory names slide, with Micron down 2.1% after Samsung and SK Hynix tumbled more than 4% in Seoul with buyback quotas now largely completed; T-Mobile rebounded 1.1% on a Raymond James upgrade after Friday's SpaceX-spectrum puke, CCC Intelligent jumps 8.3% on buyout talks with GTCR and Elliott and IREN rises 5% on a reported cloud deal with Anthropic. The day's driver is oil (again), and the market can't decide which war to price: WTI is up 1.2% at $93.00 and Brent is at session highs, above $106 having traded in a $102.33-$106.17 range, as Iran insists Hormuz stays shut until all seven of its conditions are met and Trump mulls joining Saudi strikes on the Houthis. There is no cash Treasury trading today for the Columbus Day holiday; Treasury futures drift lower led by the ultras, implying slight bear steepening, while bunds and gilts are higher (10Y gilt yield down 4bps to 5.41%, bund down 2bps to 3.46%) as diesel prices fall following US efforts to release Russian fuel to the market. The Bloomberg dollar index is steady with the Swiss franc the weakest G10 currency and the pound outperforming ahead of PM Burnham'