Stock futures are essentially flat this morning. There are renewed signals that the U.S.-Iran talks could resume within days, and even tentative reports of a ceasefire extension. This has kept oil capped below the recent highs and prevented another spike in inflation expectations, even though the broader conflict remains unresolved.

Equities seem to have stabilized near recent highs with the S&P 500 approaching record territory and the Nasdaq continuing to show relative strength. At the same time, the focus is rotating back toward fundamentals. Earnings season is now front and center, and early results from major banks like Bank of America and Morgan Stanley have been supported by elevated trading activity and resilient consumer balance sheets. This is the first real stretch where earnings are competing with geopolitics as a primary market driver.

Recent producer price data came in softer than expected, suggesting that outside of energy, inflation pressures may be easing. That gives the Federal Reserve a bit more flexibility, even if oil remains an overhang. Oil prices are still elevated relative to pre-war levels.

In pre-market trading, S&P 500 futures rose 0.08%, Nasdaq futures rose 0.02% and Dow futures rose 0.08%.

Check out this morning's top movers from around Wall Street, compiled by The Fly. 

HIGHER -

• Snap (SNAP) up 7% after announcing changes that will impact approximately 1,000 team members, including 16% of full time employees, in addition to closing more than 300 open roles.
• Broadcom (AVGO) up 2% after reporting the company will deliver technology supporting Meta (META) Training and Inference Accelerator chips, with plans to extend through 2029

UP AFTER EARNINGS -

• Morgan Stanley (MS) up 2%
• Bank of America (BAC) up 1%
• PNC Financial (PNC) up 1%
• First Horizon (FHN) up 1%

DOWN AFTER EARNINGS -

• Progressive (PGR) down 1%
• M&T Bank (MTB) down 1%

LOWER -

• BRP Inc. (DOO) down 26% after suspending its FY27 guidance following the recent amendment of Section 232 tariffs on steel, aluminum and copper imports into the U.S
• SolarEdge (SEDG) down 3% after Goldman Sachs

Welcome to the latest edition of "Quantum Leap" where The Fly decodes news and activity in the quantum computing space.

ISING: Nvidia (NVDA) announced the world's first family of open-source quantum AI models, Nvidia Ising, designed to help researchers and enterprises build quantum processors capable of running useful applications. Named after a landmark mathematical model that dramatically simplified the understanding of complex physical systems, the Nvidia Ising family provides high-performance, scalable AI tools for quantum error correction and calibration - two of the most critical challenges in building hybrid-quantum classical systems. Ising models run the world's best quantum processor calibration and enable researchers to tackle much larger, more complex problems with quantum computers by delivering up to 2.5 times faster performance and 3 times higher accuracy for the decoding process needed for quantum error correction, the company said. Nvidia added that Nvidia Ising complements the Nvidia CUDA-Q software platform for hybrid quantum-classical computing and integrates with the Nvidia NVQLink QPU-GPU hardware interconnect for real-time control and quantum error correction, providing researchers and developers with a full suite of tools needed to "turn today's qubits into tomorrow's accelerated quantum supercomputers."

HARDWARE-SOFTWARE INTEGRATION: Horizon Quantum Computing (HQ) and AQT announced a strategic collaboration to advance the development of quantum computing applications via increased hardware-software integration. By combining advanced hardware capabilities with scalable software infrastructure, the two companies aim to accelerate users' ability to build real-world quantum applications. "AQT's trapped ion systems provide low error rates and long coherence times, potentially increasing the scalability and reliability of quantum computing," said Horizon Quantum CEO Joe Fitzsimons. "Through this collaboration, Triple Alpha users will gain access to AQT's processors, expanding their options for cutting-edge hardware designed to solve difficult computational problems."

IONQ LATEST: IonQ (IONQ) has achieved a technical milestone by photonically interconnecting two independent trapped-ion quantum systems. This marks the first demonstration of connected, commercial quantum computers. The company said, "By successfully linking two remote quantum systems, IonQ has validated the generation, transmission, and detection of photons used to enable quantum entanglement between two commercial IonQ computers at a distance for the first time. This major commercial result reinforces prior lab demonstrations and the theory of using photonic links to interconnect separated trapped-ion platforms while preserving the coherence necessary for advanced quantum operations."Additionally, IonQ has been awarded a contract in the Defense Advanced Research Projects Agency's Heterogeneous Architectures for Quantum program. As a part of HARQ, IonQ plays a role in enabling a new class of networked quantum computers that combine qubit types-such as trapped ions, neutral atoms, and/or superconducting qubits-into an interconnected architecture. Lastly, IonQ and the University of Maryland announced a multi-year expansion of their partnership through the National Quantum Laboratory, or QLab, extending their joint efforts in quantum computing, quantum networking, and workforce development. This latest agreement, totaling $7.5M and supported by funding from the State of Maryland's Capital of Quantum Initiative via the University of Maryland Economic Development Corporation, builds on the partnership first announced in September 2024. The largest component of the agreement supports deployment of a quantum memory node for advanced networking capabilities. This hardware enables UMD to develop, build, and test new applications and use-cases directly on top of IonQ's quantum networking and interconnect platform. IonQ will provide additional quantum compute resources, broadening access to IonQ systems to meet demand from UMD researchers and students. The collaboration boosts applied research efforts through directed projects, including work on quantum machine learning and holographic error-correcting codes. IonQ and UMD will jointly develop a specialized laser system supporting more advanced quantum algorithms and new experiments in quantum thermodynamics. "Our longstanding partnership with the University of Maryland meets the need to accelerate access to advanced quantum computing, quantum networking capabilities, and talent development," said Niccolo de Masi, chairman and CEO of IonQ. "IonQ's collaboration with UMD reflects our commitment to Maryland's 'Capital of Quantum' initiative, as we broaden QLab to include quantum networking, hardware upgrades, and deeper collaboration with its researchers."

PILOT PROGRAM: WISeKey (WKEY) and post-quantum technology subsidiary Sealsq (LAES), announced the completion of a pilot phase in their strategic partnership with the Space Command of the Swiss Armed Forces. The collaboration has focused on evaluating technical and operational building blocks relevant to a future Swiss sovereign and quantum-resilient space communications infrastructure. During this pilot phase, WISeSat, Sealsq and their partners conducted satellite missions, payload integration work and secure communications testing designed to assess architecture options, operational concepts and future government and defense use cases. The program has provided technical validation and lessons for the next stage of development, according to the company.

QUANTUM HARDWARE UPGRADE: Infleqtion (INFQ) is providing upgraded quantum hardware to the International Space Station via NASA's Northrop Grumman-24 (NOC) cargo mission. The upgraded physics package for the Cold Atom Laboratory, developed in collaboration with NASA's Jet Propulsion Laboratory, may enable record-breaking in-orbit atom populations, record ultracold temperatures, and facilitate creation and study of simultaneous dual-species quantum gases. The company said these advances could unlock new experimental capabilities with the potential to improve navigation, strengthen Earth monitoring, and support critical infrastructure resilience.

ORDER: Horizon Quantum and IonQ announced a strategic agreement. Horizon Quantum will purchase one of IonQ's first sixth-generation, chip-based 256-qubit trapped-ion systems.

ANALYST COMMENTARY: Citi