Middle East tensions continue shaping market sentiment. Ships reportedly passed through the Strait of Hormuz overnight, easing pressure on global bond yields and pushing oil prices down. Stock futures rose after President Trump suggested the Iran conflict could end "very quickly," though he warned the U.S. could resume military strikes.

$725 billion is the projected combined capex this year for Meta, Microsoft, Google parent Alphabet and Amazon. But here's the rub: recent growth in data center equipment spending has been driven by higher prices rather than more deployments. That distinction matters for investors betting on sustained AI infrastructure demand.

Nvidia reports quarterly results after the bell today, with analysts expecting nearly $79 billion in sales — a 79% year-on-year increase — and profits more than doubling. If price-driven spending persists, suppliers like Nvidia could face margin pressure even as top-line numbers look healthy.