Military strikes over the weekend increased concerns over the duration of the Iranian conflict and the status of oil infrastructure and global transit. After breaking above $90 on Friday, ICE Brent traded up ~$120 last night before prices began to pull back. President Trump is expected to hold a press conference at 5:30pm today to provide an update on Iran.

S&P futures were down ~2% at the lows overnight. Things improved throughout the morning and equities cut that by more than half at the Open. but weakened right after again. However, buyers stepped in and brought the S&P back to about where we opened.

Tech is leading and the only sector solidly higher. The NYSE Semis index is up 1% while the IGV software ETF is down 1% as it pulls back from its 8% gain last week. Oracle reports tomorrow night in that is a highly anticipated earnings update for the AI ecosystem, and market overall. And before Oracle, HPE reports tonight in another significant update- especially AI server demand and memory/storage prices.

In commodities, outside of energy, metals have turned higher except for gold. Silver is back around its HOD ~$85, right around its 50d ma after trading down to ~$80 earlier. The ag complex has slipped into negative territory. Interestingly crypto has held up reasonably well. Bitcoin is hovering ~$68k while Ethereum is still holding $2k.