Equities are showing varying degrees of strength this morning, with S&P 500 futures (/ES) up +0.54%, while tech-weighted Nasdaq 100 futures (/NQ) are up the most with a +1.45% pop and the large-cap Dow futures (/YM) are up only +0.12%. Markets seem to have been buoyed by President Trump saying the Israel-Lebanon ceasefire would be extended by three weeks on social media, although the U.S.-Iran conflict remains ongoing and the Strait of Hormuz is still closed.

Intel (INTC) is leading the way in terms of gainers with a +28% surge after earnings, with other chipmakers like AMD (AMD, +13.2%) and Super Micro Computer (SMCI, +4.1%) also rising. Meanwhile, HCA Healthcare (HCA) is the worst performer after its own earnings report, down -6.1%.

Today’s economic data includes Michigan Consumer Sentiment, while traders can look forward to a heavy earnings week focused on the Magnificent 7, with Alphabet (GOOGL), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META), and Apple (AAPL) are reporting next week.

• Crude Oil (/CL): Oil is down -0.64% around 95.22 after a three-day rally of about 13.4% that closed near 97 yesterday.

• Gold (/GC): Gold is down -0.36% near 4,711 after a -1.04% slide yesterday as price continues to wane from highs of 4,917.7 on Apr. 17.

• Bitcoin (/BTC): The cryptocurrency is up +0.56% around 78,675 in early trading, bouncing back from yesterday’s -0.80% decline and continuing a nearly +22% rally since Mar. 30.

• CBOE Vol. Index (VIX): The Vix is trading near 18.88, down modestly from yesterday’s close of 19.31 that sank from intraday highs of 21.56.

• U.S. Dollar (/DX): The greenback is down -0.14% at about 98.45, on pace to end a three-day +0.80% rally that closed at 98.65 yesterday.

• DZ Bank upgrades IBM (IBM) to Buy from Hold

• DA Davidson upgrades AMD (AMD) to Buy from Neutral

• Citi upgrades Intel (INTC) to Buy from Neutral

• Evercore ISI upgrades Intel (INTC) to Buy from Hold

• Morgan Stanley downgrades Freeport‑McMoRan (FCX) to Equal Weight from Overweight

• Deutsche Bank downgrades Comcast (CMCSA) to Hold from Buy

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