The macro backdrop is modestly risk-negative heading into the session. Strong U.S. jobs data has reignited Fed rate hike expectations, pushing US10Y to 4.78% and pressuring risk assets (SPX -0.38%). Geopolitical stress is elevated with the U.S.-Iran tanker conflict intensifying in the Strait of Hormuz, adding an energy supply shock risk vector that could spill into broader risk-off sentiment intraday. No major data releases scheduled today — Sunday session liquidity will be thin, amplifying any headline-driven moves.