A long, soggy Memorial Day Weekend may have ruined some summer kickoff plans but NYC is buzzing after the Knicks completed the sweep of the Cavs and punched their ticket to the NBA Finals for the first time since 1999. Street sign poles were climbed and mosh pits were opened around MSG.

Over the weekend more optimistic reports about progress to end the Iran war came out, including President Trump posting a deal was "largely negotiated" and another Axios story which said the potential deal would include a 60-day ceasefire extension, an opening of the Strait, some sanction waivers and continued negotiations around the nuclear program. That optimism was tempered a bit on Monday after the US conducted “self-defense” strikes targeting missile launch sites and mine laying boats. Markets took the flare-up in stride and focused on the positive coming back from the holiday. The S&P 500 opened up 0.5% from Friday’s close, eventually climbing to ~1% before pulling back to initial levels. Crude and treasury yields have pulled back helping small caps outperform.

Tech, Industrials and Materials are leading today. For Tech it’s the semis as the NYSE Semi index jumps another 5% and the DRAM memory ETF rockets 14% higher on a big PT increase on Micron. Energy and Staples are the clear laggards with oil down and high growth tech and small cap names leading.

Crude is down about 3% since Friday. Gold was relatively contained, falling <1% since Friday and trading in a tight range. Silver is modestly higher as is Copper. Bitcoin has bounced around, currently ~$77k. ETH continues to trade rangebound ~$2100k. Ag is modestly lower.