Morning Bid Europe-Semis fly again as AI capex shoots the moon

Another big move was oil, with Brent down another 1.5% or so at $78.24 a barrel and a world away from June's lofty peak of $102. The retreat eased pressure on bonds, nudging 10-year Treasury yields down to 5.60%, while markets pared back Fed tightening bets, with the implied odds of a September hike slipping to 57% from 67%.

Qatar said on Tuesday mediators were making progress in efforts to end the U.S.-Iran war, though details were hard to find and Tehran won't even confirm it is in the talks.

Analysts say reports on ship tracking suggest oil flows out of the Gulf were higher than expected and investors feared the market could quickly switch to oversupply should the Strait of Hormuz open even moderately.

Looking ahead, earnings reports in Europe include Siemens Energy, Infineon, Heineken, Novo Nordisk and a batch of banks. U.S. results include DoorDash, eBay, Uber, Eli Lilly, Honeywell, Kraft Heinz, SanDisk, Western Digital and Walt Disney.