Earlier this morning futures were pulling back from their overnight highs but jumped before the Open after Iran State TV released details of a draft MOU, including the withdrawal of US military forces and the lift of the blockade while Iran would restore the number of commercial ships moving through the Strait to pre-war levels within 1 month. However there was a heavy dose of skepticism as well, with no mention of enriched uranium and the suggestion of tolling the Strait, which have been redlines for the administration. Futures fell from that knee-jerk reaction high and the S&P 500 opened around flat, where we are currently, just above 7500. The equal-weight and small caps are about inline while the Dow outperforms slightly and Transports (airlines) lead. After the open the White House corroborated the skepticism, calling the MOU news a fabrication and said “nobody should believe Iran state media reporting" in a social media post.

Both consumer sectors are leading today. The Automakers are solidly higher and Travel/Leisure names are trading well. Staples are higher across-the-board. The other sectors with gains are up marginally. Energy, Financials, Utilities and Tech are the laggards today. Energy on the oil move. The high-flying tech groups are taking a breather. Two big names in software, CRM and SNOW, report after the close, along with HPQ and MRVL.

Brent crude drifted lower overnight and took a leg down on the MOU news before the open, breaking below its 50d ma and below $95. It then recovered back to pre-fake MOU news before fading again. Gold and silver are down 1-2%. The ag complex is mostly lower on crop data. Bitcoin and Ether are down ~1%. Bitcoin is trying to hold its 50d ma and ETH looking to do the same with the $2k level.