Can the Ceasefire Trade Survive a Friday Reality Check?

U.S. equity futures are marginally lower in early Friday trade, with S&P 500 futures at 7,576.50 and Nasdaq 100 futures off 0.21%, even as geopolitical relief from a tentative U.S.-Iran ceasefire extension dragged WTI crude down to near $88 per barrel. Dell Technologies surged close to 40% after blowing past earnings expectations, while Micron Technology jumped 19% and crossed $1 trillion in market cap following a UBS price target raise to $1,625. The VIX fell 3.38% to 15.74, and the 10-year Treasury yield held at 4.50%, leaving the market at a delicate balance point heading into month-end.