New York equities ended the prior session mixed. The Dow rose 1.03% to close at 52,747.32 and the S&P 500 gained 0.21%, while the Nasdaq slipped 0.22%. Defensive sectors attracted flows, with healthcare up 2.36% and consumer staples up 1.99%, while tech stocks were dragged down 1.84%. Semis weighed on the index, with Sandisk plunging 14.25%, Micron falling 8.85% and AMD dropping 8.15%.

Futures leaned modestly toward risk-on. Nasdaq 100 futures were up 0.44% and S&P 500 futures up 0.32%, while Dow futures were off 0.06%, suggesting some of the funds that rotated from semis into defensives the previous day are coming back. However, the Kospi plunged 5.99% on the day and 12.6% over two sessions, leaving aftershocks, and Brent crude climbed 3.82% to $87.31 after Iran's missile attack, adding to inflation pressure. Today's biggest variables are the FOMC rate decision at 03:00 KST and earnings from Microsoft at 05:01 KST and Meta Platforms at 05:05 KST.

AMD plunged 8.15% the prior session, breaking below the lower Bollinger Band (a band plotted above and below price to show its statistically typical range), with the RSI (Relative Strength Index, a 0–100 measure of whether a stock is overbought or oversold) falling to 39.2. It closed at $454.62 and will be the first place where any aftershock of the Korea-led semis selloff shows up today. Tesla has entered oversold territory with an RSI of 27. It closed at $307.44 and was down 0.58% the prior session, a juncture where a technical bounce or a deeper trend break will be decided. Berkshire Hathaway closed up 3.06% at $512.37, breaking above the upper Bollinger Band with an RSI of 68.4. As the clearest expression of the rotation from tech into defensives, it is worth watching whether this flow persists after today's FOMC outcome.

Stay measured today, and have a great session.