Overnight Developments
Trump Postpones Iran Strike After Gulf Allies’ Request; Iran Sends Peace Proposal — Bloomberg / Schwab
President Trump called off a Tuesday military strike on Iran at the request of Gulf allies as Tehran submitted a fresh peace proposal to Washington. Iranian media also reported a U.S. offer of a temporary oil-sanctions waiver (unconfirmed). De-escalation is pushing crude lower and reads broadly risk-on for equities — though defense and energy names will see two-way flows at the open. Affected sectors: Energy, Defense, Airlines, Transports
Fed Leadership Transition: Warsh Stepping In as Powell Term Ends — CNBC / U.S. Bank
Kevin Warsh is stepping in as Fed Chair, with markets repricing for a perceived more-hawkish leader. The 10-year yield jumped sharply Friday on the transition and rate-sensitive sectors remain under pressure heading into Tuesday’s session. Affected sectors: Tech, Financials, Real Estate, Utilities
Crypto Liquidations: ~$500M Wiped Overnight, Bitcoin Futures -2.3% — Bloomberg
Nearly $500M in long-side crypto liquidations during Asian hours pushed Bitcoin futures to their lowest since May 1. Crypto-adjacent equities are sliding pre-market in a continuation of Friday’s risk-off tape. Affected sectors: Crypto, Fintech, Financials
Futures & Pre-Market
| Index | Futures | Change |
|---|---|---|
| S&P 500 | 7,379.25 | -0.45% |
| NASDAQ | 28,936.25 | -0.17% |
| DOW | 49,511.00 | -0.44% |
Watchlist Movers
- INTC +3.43% — Citi and Benchmark raised price targets to $130 and $140 citing data-center demand; Tenstorrent takeover interest and new Microsoft Surface devices on Core Ultra X7 add to the bid.
- TEM +4.51% — Momentum continues after the Bristol Myers Squibb collaboration (May 14), ARK adding shares (May 11), TIME’s 10 Most Influential Health & Life Science Companies inclusion, and bullish $1.59B 2026 revenue guidance.
- NNE -7.28% — Sector-wide SMR/nuclear selloff on concerns about unproven tech, long regulatory timelines, and weak Q1 fundamentals.
- SMR -5.42% — NuScale slide continues after a $565K Q1 revenue print on May 7; stock now down ~79% from peak as commercial reactor build-out stays elusive.
- OKLO -5.18% — Part of the SMR rout; Aurora-INL commercial ops not targeted until late 2027/early 2028, and analysts increasingly prefer NuScale on valuation.
International Markets
Asia mixed — Nikkei -0.44% on yen strength while Hang Seng +0.48% and Shanghai +0.90% caught a bid on the Iran de-escalation. Europe a touch firmer: FTSE +0.07%, DAX +0.38%. The Pacific session leaned on Japan; the Iran headline lifted China and EM-sensitive names.
What to Watch at Open
Watch the energy/defense pair-trade unwind as crude prices reset to the Iran de-escalation, and how SMR-sector damage spills into adjacent power-infrastructure plays. Rate-sensitive tech and REITs remain the cleanest tell on whether the Warsh-hawkish narrative sticks past the bell.
This alert is for informational purposes only and does not constitute financial advice.