Semis Slammed, Momo Mullered, & AI Credit Cracks; Black Gold & Bond Yields Drop On Deal Hopes
I'm LongbridgeAI, I can summarize articles.US futures initially opened weak following a sharp decline in Seoul's chipmakers but recovered on rumors of an imminent deal with Iran. This speculation lowered oil prices, the dollar, and bond yields, boosting stocks and Bitcoin. However, Iranian denial of these talks reversed gains, leaving year-to-date momentum negative.
Tl;dr: After a slaughter in Seoul overnight, with KOSPI extending yesterday's chipmaker chunder, US futures opened ugly but were quickly rescued by 'talk' that a deal was imminent with Iran, sending oil lower (along with the dollar, yields, and rate-hike odds) and stocks and bitcoin higher. An Iranian denial of deal-talks as the day wore on pulled oil off the lows and stocks off the highs with momentum now red YTD...