Shares are trying to find a footing again after a volatile week as investors brace for a heavy slate of tech reports. Nasdaq 100 futures were down about 0.3% after a second straight weekly loss, and the US chipmaker index posted its longest run of declines since November. Asian equities slipped by roughly 0.1% after oscillating between small gains and losses. South Korea's Kospi fell about 1.5%. European indices looked set to open up about 0.3%.

AI sector pressure persists. Chinese AI model developers retreated sharply, and chip-related names were among the worst performers on Japan's Nikkei. The bond market, by contrast, found support: French paper rallied and outpaced German bunds after France avoided a downgrade from Moody's and a repeat of mass unrest, and the euro strengthened. The US 10-year Treasury yield eased by 3 bps to 4.97%.

A packed week is ahead. Markets will now evaluate AI spending via reports from Microsoft, Alphabet, and Amazon, while the Fed and Bank of Japan are set to announce policy decisions against a backdrop of sticky inflation, high energy prices, and elevated global sovereign yields. Attention is rotating back to central banks and interest rates after several weeks dominated by geopolitical headlines.

As for Middle East developments, Trump said it's time to decide whether to strike a deal with Tehran or "finish" it, but no new actions were taken over the weekend. Iran is expected to host senior security and defense officials from Saudi Arabia, Pakistan, and Turkey for regional talks on stability.

Against this background, oil eased. Brent fell by 1.5% from a six-month high to $114.95/bbl, providing modest relief for equities. Gold dipped below $4,000/oz on Friday to trade around $4,015 by week-end, remaining pressured by liquidity drainage and elevated oil prices.

All this indicates that the market has entered a wait-and-see mode in which tech earnings and central bank decisions will drive direction. In my view, unless Microsoft, Alphabet, and Amazon convince investors that AI capex is translating into revenue and profit, tech stocks will remain under pressure, with bonds retaining safe-haven demand. Strong results and a non-escalatory Washington policy stance could allow oil and yields to retreat further, in turn supporting risk assets.

As for S&P 500 technicals, the immediate task for buyers is to overcome the resistance level of $7,633. That would show upside momentum and open a move toward $7,656. Holding $7,679 would further strengthen bulls' positions. On the downside, buyers should defend around $7,607. A break below that level would likely push the index down to $7,574 and open the way to $7,544.