Welcome to Markets Desk, your Sunday evening market briefing.
U.S. stock futures are clawing back early losses tonight, but the mood remains cautious after Friday's tech-driven selloff snapped a two-month rally on Wall Street. New developments threatening the fragile Iran cease-fire sent oil prices surging, adding a geopolitical layer to an already unsettled tape. Traders will be watching whether that cease-fire holds heading into the Monday open.
Shifting to semiconductors, Nvidia CEO Jensen Huang confirmed in Seoul that the company's new Vera central processing units will run on SK Hynix memory chips. Huang told reporters the two companies are preparing for what he called a very, very large second half of the year and beyond. That partnership signals Nvidia is deepening its supply chain ties in South Korea as AI hardware demand continues to accelerate.
And the SpaceX IPO story is getting more complex by the hour. Analysts are warning that what promises to be the largest initial public offering in history could trigger meaningful dislocations across equity markets, as investors liquidate existing holdings to raise cash for new shares. The crowding-out effect alone could create unusual volatility in otherwise unrelated corners of the market.
That's the tape. Markets Desk, signing off the floor.
