Software Slaughtered, Semis Surge, Bitcoin & Bullion Bid As 'Ceasefire' Holds Ahead Of Talks

Tl;dr: The fragility of the US-Iran ceasefire remains the paramount focus of the market. Stocks were unimpressive today (into an event-risk-packed weekend of talks) to cap a big week dominated by the c-word (ceasefire, not the other c-word which we have been using for the last five weeks). Everything flipped on Tuesday with oil down bigly, stocks up yuuge, and bond yields falling (but no real acceleration from that initial burst of activity). The dollar dumped, gold and bitcoin jumped as growth macro signals actually improved relative to inflation fears.

All eyes on these two (well their delegates)...

Oil