14:43 UTC

Oil prices and bond yields are sharply lower in response, and that's helping stocks, where the Nasdaq has surged 1.4% in Tuesday morning trade.

Crypto ( CRCW ), though, is watching from the sidelines as traders shovel capital into AI-related trades and await mega-IPOs like SpaceX and OpenAI.

The chip stocks are the day's big winners, led by Micron (MU), which is higher by 17% after UBS upped its price target to a whopping $1,625, or more than double Friday's close. Micron is now higher by more than 800% on a year-over-year basis.

After briefly attempting to rally, bitcoin (BTC) is changing hands at $76,800, down nearly 1% over the past 24 hours. Ether (ETH), solana (SOL) and XRP (XRP) are down similarly.