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Nasdaq 100 Futures Slide 3.1%, Kospi Plunges 10% — Global AI Selloff Hits SK Hynix and Samsung as Rate-Hike Fears Mount

Nasdaq 100 futures fell 3.1% in premarket trading Tuesday while South Korea's Kospi plunged nearly 10% — its worst session in years — as a global technology selloff intensified overnight. SK Hynix fell more than 12% and Samsung Electronics dropped sharply, triggering circuit breakers on South Korean exchanges. European markets followed, with ASML down 5% and the Euro Stoxx Technology index falling 3%. The selloff reflects mounting investor concern over Federal Reserve rate-hike signals and the cost of AI infrastructure debt.

Trump Signs Iran Peace Deal at Versailles — Oil Drops to $78.40 Brent as Strait of Hormuz Set to Reopen

President Trump signed an interim memorandum of understanding with Iran at the Palace of Versailles, reopening the Strait of Hormuz and lifting a U.S. naval blockade on Iranian ports. Brent crude fell more than 2% below $78 a barrel and WTI dropped near $74.69, while S&P 500 futures jumped 0.7% and Nasdaq futures rallied 1.1%, clawing back Wednesday's Fed-driven selloff. The 60-day deal requires Iran to dilute enriched uranium stockpiles in exchange for sanctions relief.

Nucor Guides Q2 2026 Adjusted EPS to $4.50-$4.60, Topping $4.27 Consensus — Reshoring Fuels Steel Profit Surge

Nucor guided second-quarter 2026 adjusted earnings per share to a range of $4.50 to $4.60, topping the Wall Street consensus of $4.27 by as much as 8%. The steelmaker pointed to higher realized selling prices across its steel mills segment and durable demand tied to domestic reshoring, data center construction, and infrastructure spending. Continued enforcement of anti-dumping and Section 232 tariffs has pushed imports' share of the U.S. finished steel market down to roughly 15% from over 22% a year earlier.

Brent Crude Falls to $78, Five-Day Low — Interim US-Iran Deal Set for Friday Signing Could Restore Hormuz Flows

Brent crude fell toward $78 a barrel today, its fifth straight losing session and the lowest level since early March, as traders priced in a planned interim agreement between the United States and Iran set to be signed in Switzerland on Friday. The deal would let Tehran immediately resume oil exports and ease restrictions on Strait of Hormuz shipping, prompting tanker operators to begin repositioning vessels toward the region. The International Energy Agency warned the shift could contribute to a renewed global oil surplus.

Micron Technology Surges 10.8% to $1,088 — Bank Upgrades Fuel AI Memory Supercycle Bet Ahead of Q3 2026 Earnings

Micron Technology shares jumped 10.8% to roughly $1,088 after TD Cowen and RBC Capital Markets sharply raised price targets on the memory chipmaker. The rally was reinforced by a U.S.-Iran peace agreement that lifted risk appetite across semiconductors, alongside analyst forecasts that DRAM prices could climb 58% to 63% in the third quarter and HBM pricing could more than double by 2027. Micron reports fiscal third-quarter results on June 24, with revenue guided to a record $33.5 billion.

Oil Prices Drop 4.8% to $80.75 as Iran Deal Reopens Strait of Hormuz — Energy Sector ETF Falls 3.6%

U.S. crude oil fell 4.8% to $80.75 a barrel and Brent crude dropped 4.7% to $83.17 after the United States and Iran reached a preliminary agreement to end their conflict and reopen the Strait of Hormuz, a route handling roughly 20% of global oil supply. The Energy Select Sector SPDR fund slid 3.6% even as the broader market rallied, with analysts cautioning that full shipping traffic normalization could take months.

Magnificent Seven ETF Up 14% in April as Big Tech Rally Faces Its First Real Test of the Week

The Roundhill Magnificent Seven ETF has surged more than 14% in April alone — on track for its largest monthly gain on record — led by Tesla's 15% weekly rally and Microsoft's near-14% weekly gain, its best week since 2007. But with the group's collective Q1 earnings expected to show 20% EPS growth and Iran tensions reigniting Monday, analysts warn the rally's technical foundation remains fragile without broader market breadth confirmation.

Intel Surges 70% in 2026 as Terafab Partnership and Google AI Deal Cement Semiconductor Comeback

Intel has emerged as one of the S&P 500's most dramatic turnaround stories in 2026, with its stock gaining approximately 70% year-to-date after confirming its role in Elon Musk's Terafab AI chip megafab initiative and deepening a strategic AI partnership with Google Cloud. Analysts have raised price targets as high as $92, though the stock currently trades at a stretched forward P/E of around 94 times, reflecting high expectations for future earnings growth.

Trump Threatens 50% Tariff on China Over Alleged Iran Arms Shipment, Escalating Trade and Geopolitical Tensions

President Trump on Sunday threatened to impose an immediate 50% tariff on Chinese goods if Beijing is proven to be supplying military weapons to Iran, following reports of a potential air defense system shipment. The warning compounds existing geopolitical stress and raises fresh concerns about U.S.-China trade relations ahead of a scheduled May summit, adding another layer of uncertainty to an already volatile global market environment.