U.S. stock futures are pointing to a significantly higher open, with the S&P 500 proxy SPY up over 1%. The primary driver is a de-escalation of geopolitical tensions in the Middle East, as the United States and Iran have paused their respective military strikes over the weekend. This has led to a sharp drop in global crude oil prices, easing concerns about inflation and its potential impact on the global economy. The positive sentiment is broad-based, providing a tailwind for equities ahead of a key week for big-tech earnings and a Federal Reserve interest rate decision.