Good morning. The sun is shining extra bright in NYC especially for a Monday morning commute after the New York Knicks won their first championship since the Dark Side of the Moon was released. The weekend was full of notable events including a dominant win by the men’s US World Cup team, the Carolina Hurricanes winning the NHL championship, and President Trump celebrating his 80th B-day watching an exciting UFC card on the White House lawn hours after announcing that the US and Iran would sign a peace deal later this week.

Press reports suggesting that agreement was in the works helped US equity markets move higher last week as oil prices fell for the third week. Markets are extending to the upside this morning as traders celebrate and the peace deal framework (and of course the Knicks win). US equity futures are up >1% with S&P futures within 0.5% of the all-time high.

Oil prices are falling ~5% with ICE Brent breaking below its 100d ma ($86.30) currently trading ~$83 just above the April lows. Precious metals are sharply higher on the oil and yield moves, with gold making a run back toward its 200d ma (~$4444). Copper is modestly higher. Ag is mixed with wheat and corn lower while soy is modestly higher. Crypto is seeing strong gains as Bitcoin breaks back above $65K and ETH continues to march back towards $1800.