Yesterday US equity markets rallied despite the escalation in Iran pushing oil prices and yields higher. It was the second consecutive day where tech outperformed with semi/memory stocks up >5%. The S&P 500 reclaimed its 50d ma at the open and continued to grind higher throughout the session, closing up ~1% just over 7,500. Small/mid cap indices were also up ~1%. Outside of tech the focus was on earnings - while the results were generally solid the stock reactions were pretty tepid. Tariffs also re-entered the conversation with the post SCOTUS decision 10% blanket tariffs set to expire on Friday. Crypto rallied amidst reports that President Trump agreed to the ethics provision within the stalled Clarity Act. Treasury Secretary Bessent said the bill was on the 1-yard line calling for Congress to pass it, the MAC Desk coaching staff prefers a running play just remember what happened in Super Bowl XLIX - 49 days until the NFL season starts.

Futures began to drift lower overnight as tech heavy indices in Asia failed to hold opening gains. Oil prices are pushing to fresh recent highs as the administration steps up strikes. On social media President Trump just said, “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, the US will bomb one bridge or power plant.” Tech is under some pressure despite the SMCI pre-announcement and AMD/Anthropic partnership ahead of this evening's earnings (GOOGL/TSLA). OpenAI is also in the headlines after the company said two of its AI models escaped a test environment and hacked Hugging Face, an opensource AI platform. Cybersecurity stocks are slightly higher in the pre-market. It is another busy day of earnings while the economic calendar is pretty much empty. S&P futures are giving back about of third of yesterday’s gains putting the 50d back in play again.