Equities Higher Midday; S&P Futures Up 0.47%, Nasdaq Futures Up 0.39%; VIX Down 4.50%

Lead US equity futures are trading higher at midday. S&P futures are up 0.47% and Nasdaq futures are up 0.39%. The VIX is down 4.50%, indicating reduced market volatility. The US 10-year yield is up 0.81%. Gold is up 2.35% and Silver is up 2.52%. Geopolitical developments include discussions between Omani and Iranian foreign ministers regarding the resumption of Strait of Hormuz navigation talks, and an Iranian navy commander warning of a "historical lesson at sea." On the corporate front, Broadcom's debt deal is expected to exceed $70 billion, and AI cloud firm Nscale is reportedly seeking up to $3 billion in a US IPO. Retailers like URBN, GAP, and BURL are scheduled to report earnings next week. European markets closed higher, with the DAX up 0.59%. Session narrative Equity markets are showing strength at midday, reversing earlier losses. S&P futures are up 0.47% and Nasdaq futures are up 0.39%. The Dow futures are also higher by 0.73%. The VIX, a measure of market volatility, has fallen 4.50% to 15.29, suggesting a more stable trading environment. The US 10-year yield is up 0.81% to 4.73%. In commodities, Gold is significantly higher, up 2.35% to 4678.8, and Silver is up 2.52% to 69.82. WTI crude is up 0.02% and Brent crude is up 0.54%. The US Dollar Index is down 0.08%. European markets closed in positive territory, with the DAX rising 0.59% and the CAC 40 up 0.30%. Cross-asset check Equity futures are broadly positive, with S&P futures up 0.47% and Nasdaq futures up 0.39%. The VIX is down 4.50% to 15.29. In the rates market, the US 10-year yield is up 0.81% to 4.73%, while long-duration Treasuries (TLT) are down 0.41%. The US Dollar Index (DXY) is down 0.08%. In commodities, Gold is up 2.35% and Silver is up 2.52%. Copper is also higher by 1.75%. WTI crude is up 0.02% and Brent crude is up 0.54%. Natural gas is up 1.85%. Bitcoin saw its strongest weekly gain since March 2023, rising 23.47% over five sessions. Themes & continuing stories Geopolitical tensions remain a theme, with Omani and Iranian foreign ministers discussing the resumption of Strait of Hormuz navigation talks. Iran's navy commander also issued a warning of a "historical lesson at sea." A potential US-Canada trade deal is being discussed, which could introduce a steel quota with varying tariff rates. Broadcom's debt deal is expected to exceed $70 billion, and AI cloud firm Nscale is reportedly seeking up to $3 billion in a US IPO. A US government laboratory is probing Chinese lidar systems for security vulnerabilities. Bitcoin has seen significant gains, up 23.47% over five sessions, attributed to Treasury's expanded long-dated buyback operations and calls for the CLARITY Act. What’s ahead Looking ahead, several key retailers are scheduled to report earnings next week, including URBN, GAP, BURL, BBY, ULTA, ANF, BBWI, KSS, WSM, and DKS. These reports will provide further insights into the retail sector's performance. The discussions surrounding the US-Canada trade deal and its potential steel quota will also be closely watched for further developments. The geopolitical situation in the Middle East, particularly concerning the Strait of Hormuz, remains a focus.