Futures Rise As Meta Jumps On $95BN Equity Raise, Oil Slides; Brazil Crashes After Lula Shock

US futures are higher as oil slides on hopes that a regional delegation in Tehran can breathe some life into US-Iran peace talks, and as Meta jumps after finally unveiling how it plans to pay for its AI capex binge, offsetting a stunning comeback win by Lula in Brazil's runoff which has sent Brazilian ADRs crashing as much as 30-50% premarket, while traders brace for a week packed with megacap earnings and central bank decisions; as a result 10Y yields are flat at 4.99% and the dollar is barely changed. As of 8:15am ET, S&P futures are 0.4% higher at 7,665.75 while Nasdaq futures are up 0.7% and Dow futures rise 0.4% (+186 points) to 52,580. On Friday the S&P slipped 0.5% to cap a second weekly drop and close below its 50DMA, as the AI funding angst which has hammered tech names spread to credit. Premarket, Mag 7 names are mostly higher led by Meta (+2.4%), which is seeking up to $95 billion in equity: a $35 billion offering ($22.5 billion of Class A common stock plus $12.5 billion of mandatory convertible preferred) launched this morning, followed by an at-the-market program to sell up to $60 billion of new non-voting Class C shares starting in 2027, with Nvidia, AMD and Broadcom indicating interest in buying up to $5 billion of the offering (some circular AI financing never hurts). That the stock is rising on a potential $95 billion equity raise tells you how much the market feared the alternative was even more debt. The day's driver is Brazil: Lula's 51.8%-48.2% victory over market favorite Flávio Bolsonaro, who is now calling for the vote to be annulled, has sent the Brazil ETF (EWZ) down 27% premarket, with names like XP (-48%), StoneCo (-35%), PicPay (-34%) and Nubank (-23%) all crashing. In rates, Treasuries are narrowly mixed with the long end outperforming and the curve flattening b