US equity futures point to a steadier open. Asian markets traded mixed overnight, while European equity opened mixed. Today’s focus is on a rotation away from mega-cap technology toward small caps, cyclicals, and defensives, with breadth improving as equal-weight indices outperformed despite headline index weakness. Bank earnings for a second day failed to impress, reinforcing pressure on money-center banks, while ongoing volatility was driven by mixed macro signals, geopolitical uncertainty around Iran and Venezuela, and continued scrutiny of housing affordability and defense spending from the White House. Policy remains a key theme as Fed officials delivered mixed messages on the timing of further easing, data showed resilient consumer demand alongside softer labor-market indicators, and markets continued to wait on a US Supreme Court decision related to tariff authority, alongside renewed attention on recently announced tariffs on advanced semiconductor imports not tied to domestic AI use.

Companies Mentioned: Nvidia, Calavo Growers, Coca-Cola