No major rebound off yesterday's sell-off. Today's partial rebound is being driven in large part by substantially lower interest rates. The US 2-year is down 5bps, the 10-year is down 8bps.Global rates are lower across the board on lower energy prices, with WTI dropping below $70/bbl, 40% lower than the Iran war highs. While the details about an agreement remain fluid, ships are sailing freely through the Strait of Hormuz, though nowhere near pre-war levels. Gasoline is down 10.8% in a month, though still up 37.8% y-o-y. For now, bond market yields are following the oil markets lower on expectations of a material easing in inflation pressures. Tech, however, remains under pressure. Semiconductors were down 7% yesterday and are flat today. Memory names were down 14.2% yesterday and have only recovered 2% today. The QQQ was down 3.3% and is up only 0.5% today.Tonight will be a big test of the AI theme: Micron (MU) earnings, which are forecast to grow 125% q-o-q, revenues +81% on sold-out demand. The shares are up 742% y-o-y, and still up 22.3% in the trailing month, though down 13% from last week's all-time high. Confirming strong guidance here may reinvigorate the semi trade.The much lower interest rates are helping the market climb higher, with the VIX falling from an opening level of 19.1 and falling straight down to 18.1, lifting all the major indexes, with the NASDAQ up 0.9%, the QQQ +0.8% after a brief dip into the red shortly after the open. Growth names are leading, up 1.1%.The dip buyers are getting more comfortable. If Micron goes well and the Iran negotiations continue to show progress, we may be looking back at yesterday as a buying opportunity.