Futures Rise As Dip Buyers Shrug Off Jensen's Spy Scandal, Oil Slides On Iran Hopes

US futures are higher as dip buyers return after the S&P's worst week since April 2025, oil extends its biggest weekly drop since April 2020 on Iran diplomacy hopes, and the market decides that Jensen Huang's affair with a suspected Chinese spy is an Nvidia problem rather than an AI problem, at least until the open; as a result, Treasuries are little changed with the 10Y at 4.86%. As of 8:15am ET, S&P futures are 0.9% higher while Nasdaq futures gain 0.8% and Dow futures rise 1.1%, the latter a good read of where the money is going. Cash stocks closed Friday with the S&P up 0.31% and the Nasdaq 100 up 1.4%, but that barely dented a week in which the S&P lost 2.7% and the Philly semi index fell 12%. In premarket trading the Mag 7 ex-Nvidia is green, with Nvidia down between 4.4% and 4.9% after the board launched an independent probe, while KKR, IFF and Barrick are higher and Dole slides. The day's driver is oil (again): WTI is down 3.5% to $87.66 and Brent is down 3.8% to $94.59 after Trump told CNN that further strikes on Iran are highly unlikely if talks progress, with a further leg lower on an unconfirmed report that Iran softened its Hormuz demands. Treasuries are mixed and the curve is twist-flattening, with the 2Y around 4.53% as markets price roughly a 79% chance of a December Fed hike; bunds are slightly weaker. The Bloomberg dollar index is down 0.4%, with the kiwi leading G-10 after New Zealand's incumbent National Party emerged from the election with a path back to power. In commodities, gold is up 0.6% around $4,097, silver gains 1.3% near $52.60 and copper is firmer; bitcoin holds around $74,000. US economic data slate includes September final wholesale inventories