Good morning. Yesterday's after-hours selloff in Broadcom and CrowdStrike took the AI capex bid down with it, and overnight Iran-US tensions reignited as Kuwait International was struck. Global risk-off this morning, and the question is whether NFP tomorrow makes it worse or stops it.

Oil edged lower but stays elevated. Brent at $96.20, down 0.6 percent, WTI at $95.49, off 0.5. Iran tension is still bid into the price but the Strait of Hormuz directive from the weekend isn't generating more upside yet. Chop on every headline.

European futures point lower. DAX seen opening down 0.2 percent, FTSE 100 off 0.5, CAC 40 minus 0.3. Tech weakness from Wall Street is bleeding through. Defensives holding better.

US futures heavy. S&P 500 futures down 0.4 percent, Nasdaq 100 futures off 1.1. Broadcom sank 14 percent after-hours on a software miss, CrowdStrike dropped 11 percent on soft Q2 sales guidance. Contagion spread: Intel -2, AMD -2.9, Palantir -1.5, Qualcomm -1.9, Arm -4.3. An AI bid that carries everything works until two big names disappoint at once.

Asia closed red. Nikkei 225 fell 1.36 percent to 67,470. Hang Seng down 1.1 percent at 25,364.

Crypto under pressure. BTC at 67,250 after touching 65,535 intraday yesterday, ETH at 1,883 below the 1,900 level. Gold at 4,438, holding the structural bid even with US-Iran safe-haven flow. Gold keeps absorbing what macro throws at it.

Today: Initial Claims at 8:30 ET. NFP tomorrow. ECB rate decision tonight is worth watching too.

The AI capex bid was the only thing holding up sentiment through hawkish PCE and JOLTS. With Broadcom and CrowdStrike taking out the foundation overnight, the tape needs new support fast.

More as the day develops.