Futures Rise As Oil Slides Below $100 On Trump Iran Diplomacy Report, Tech Bounces Ahead Of Midterms

US futures are higher as a slide in oil, a tentative tech rebound and some old-fashioned seasonality lift sentiment on the eve of the midterms: crude tumbled more than 4% after Axios reported that Trump told Netanyahu he wants to give diplomacy with Iran more time before resuming strikes, chips bounced after Friday's 7.2% SOX puke, and Chinese stocks jumped as Beijing convened yet another market rescue meeting; as a result Nasdaq futures are up almost 1% and WTI is back below $100. As of 8:00am ET, S&P futures are 0.3% higher at 7,638, well off session highs, while Nasdaq futures rise 0.6% to 28,758 and Dow futures are 0.4% higher. On Friday the S&P fell 1.8% and the Nasdaq 100 tumbled 3.5%, the worst day for both since June, capping a month in which the Nasdaq 100 lost 6.7% while the equal-weight S&P gained 5%. In premarket trading, Mag 7 names are mostly higher led by Nvidia and Alphabet, which opened the books on a seven-part bond offering spanning two to 19 years; Apple dips ahead of its earnings after the close. Semis and memory names rebound, while energy names slide with crude. The day's driver is oil (again): Brent dropped as much as 4.4% to around $108.40 and WTI to $99.59 after the Axios report, and despite Goldman raising its year-end Brent forecast to $105 from $90; Iran's FM said Qatar-mediated talks are making progress while Supreme Leader Mojtaba Khamenei ordered commanders to prepare for renewed confrontation, so the post-midterm strike window remains very much open. Treasuries are mixed with the curve pivoting flatter: long-end yields are about 2bp lower on the oil slump while the 10Y is little changed near 4.92%; gilts outperform, with the 10Y yield down about 5bp to 5.23%, the lowest since Sept. 23, on lower oil and gas prices, while OATs edge higher despite Fit