Good morning. Markets are opening flat to start what might be the most loaded week of 2026. The Fed meets, five of the biggest tech companies report earnings, and oil is pushing higher again as Iran peace talks go nowhere.

Brent crude climbed above $107 this morning, with WTI at $96.18. Iran submitted a new proposal via Pakistani mediators over the weekend calling for an extended ceasefire and the lifting of the US blockade before nuclear talks resume. Washington hasn't responded yet. The strait remains effectively shut for the ninth straight week, and the IEA is now calling this the largest energy supply shock on record.

European markets are cautious. The DAX closed Friday at 24,129 after five straight sessions of declines, and futures point to a mixed open this morning. Energy stocks getting a lift from oil, but everything else feels like it's waiting.

US futures are basically flat. S&P 500 futures at 7,195, Nasdaq up 0.2%, Dow down 54 points. Friday's record closes are still fresh but the mood has shifted. This is Powell's last FOMC meeting as chair, and while no rate change is expected, the tone of his final press conference will matter. A lot.

In Asia, Japan's Nikkei hit another record at 60,537, up 1.4%. The Hang Seng slipped 0.2%. Different worlds.

Bitcoin pushed to $79,124, up 2% in 24 hours, still testing that $80K level. Ethereum at $2,388, up 3%. Gold is around $4,723, steady ahead of the Fed. Both waiting for direction.

On today's calendar: consumer confidence data, plus earnings from Coca-Cola, UPS, Visa, and Starbucks. Google reports tomorrow after the close. The big ones start rolling in.

Stay sharp, it's going to be a full week.