Here are the pre-market levels:
- S&P 500 +40 or +0.5%
- Nasdaq +258 points
- Russell 2000 +26 points
The market is optimistic about a wrap-up in the Hormuz mess after Trump said a deal could come in the next couple days. That was underscored by a report in the past hour that Saudi Arabia was passing around a deal text that the US will review. That headline briefly added to the gains in stocks and the euro but those moves were marginal. The report says the draft was preliminarily accepted by the US side.
The other story driving markets is the volatility in the bull market in chip and AI stocks. We saw huge moves to the upside yesterday that reverted later. A good barometer at the moment is Marvell and it’s up 3.8% in the pre-market after a wild ride yesterday. It will need to take out yesterday’s high of $305 to get some real momentum.
Note the volume on the chart too:
MRVL daily
Other pre-market movers are tame so we will have to wait for the action to start and go from there.
