As of 8:00am ET, S&P futures are down 0.4%, and Nasdaq futures slide 0.6%. In premarket trading, all Mag7 names are lower even as AVGO (+3% pre-mkt) is bid after a TPU supply pact with GOOGL (+55bps) while ASML (-80bps) is weaker following a proposed US law that would further curb semiconductor exports to China (targeting ASML's deep ultraviolet lithography machine ). Managed care is well bid after the final Medicare Advantage rate of +2.48% (vs ~1% bogey) was released last night (HUM +9%, CVS +7%, UNH +6%, ALHC +11%). Bond yields rise 1bp, 10Y TSY yield at 4.34%, the USD is also higher while commodities are mixed with oil reversing earlier losses and rising over 2%. Today's macro data focus is weekly ADP, Durable / Cap Goods, and NY Fed 1-year Inflation Expectations. Ultimately, expect weaker volumes today with some market swings on unconfirmed ceasefire / deal chatter.

In premarket trading, Mag 7 stocks are all lower (Alphabet -0.06%, Amazon -0.4%, Meta -0.6%, Microsoft -0.4%, Tesla -1.3%, Nvidia -1.2%, Apple -1%)

Managed care companies including Humana gain after the Centers for Medicare & Medicaid Services finalized a 2.48% rate hike for health insurers in 2027. Investors see the pay boost as a meaningful improvement over the initial rates the agency proposed in January. Humana (HUM) rises 9% and CVS Health gains 6%.

Broadcom (AVGO) rises 3% after the chipmaker announced a long-term agreement with Google to develop and supply Tensor Processing Units. The companies also confirmed plans to work with Anthropic to power the AI startup's burgeoning operations.

Estée Lauder (EL) slips 1% after Spanish newspaper Expansion reported that the the company and Puig owning families are set to hold talks this week in New York over their potential merger.

Organogenesis Holdings Inc. (ORGO) rises 19% after the company said a randomized controlled trial of 170 patients in a diabetic foot ulcer trial achieved its primary endpoint.

Wingstop (WING) rises 1.9% as Citi upgrades the fried chicken restaurant operator to buy, saying the valuation offers an attractive entry point.

Pershing Square proposed a combination with Universal Music Group that would move the listing into a US-based acquisition vehicle. It's a deal that Bill Ackman's fund said values the world's biggest music label at a 78% premium to its last closing price. 

In other news, Samsung reported preliminary operating profit that soared 755% to a record, with memory's contribution estimated to be close to 90% of total operating profit. Rivals OpenAI, Anthropic, and Alphabet's Google have begun working together to try to clamp down on Chinese competitors extracting results from cutting-edge US AI models. And Anthropic said its revenue run rate has now topped $30 billion, with more than 1,000 businesses spending over $1 million annually, a rate that has doubled since February. BlackRock is setting its sights on a corner of the $13.7 trillion US ETF industry long controlled by Invesco — tracking the Nasdaq 100 Index. Some Tiger Cub funds incurred losses in March. Maverick Capital's Long Enhanced Fund and its main hedge fund tumbled 8.1% and 5%, respectively, while Viking Global Investors' flagship fund lost 4.1%, according to people familiar with the matter. 

Trump has threatened "all Hell" will rain down on Iran if it doesn't agree to a ceasefire that reopens the Strait of Hormuz by 8 p.m. Eastern time. The Pentagon canceled the morning press briefing due to be led by Pete Hegseth, giving no reason. WSJ reported last night that hope is fading for a final deal by the deadline and RTRS reported this morning that a Senior Iranian Source said Tehran has rejected any temporary ceasefire with the U.S. and the IRGC warned neighboring countries "restraint is over" and threatened to disrupt regional oil and gas supplies for years to come. Strikes continued overnight.