U.S. stock futures are higher ahead of the Wall Street open as investors looked past the latest developments in the Iran war to focus on corporate earnings updates.

Reports that of Iran officials are in Pakistan with mediators has built up optimism in stocks this morning. Despite this, the U.S. carried out its 10th consecutive night of strikes on Iran since President Donald Trump declared the ceasefire over. The moves come after late session weakness in stocks on Monday to finish mostly lower.

Chip stocks are leading the way higher in early trading with the VanEck Semiconductor ETF (SMH) gaining more than 3%. Investor focus will be on earnings today with results due this morning from 3M (MMM), General Motors (GM) and Northrup Grumman (NOC). These come ahead of quarterly reports from Alphabet (GOOGL), International Business Machines (IBM) and Tesla (TSLA) tomorrow after the close.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up more than 1% to $83.50 per barrel
• Gold (/GC) – Gold futures are up more than 1% per ounce to 4,063.50
• Bitcoin (/BTC) – The cryptocurrency futures are up nearly 2% to 66,375
• VIX (/VIX) – The CBOE Volatility Index is down 4.6% to 17.78
• U.S. Dollar ($DXY) – The dollar index is up 0.04% to 100.991

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Sandisk Corp (SNDK) 7.77%
• Western Digital Corp (WDC) 7.32%
• Coherent Corp (COHR) 6.90%
• Micron Technology Inc (MU) 6.13%
• 3M Co (MMM) 6.00%

Decliners:

• Equifax Inc (EFX) -11.15%
• Danaher Corp (DHR) -10.50%
• MSCI Inc (MSCI) -10.26%
• Adobe Inc (ADBE) -4.89%
• Intuit (INTU) -4.62%

Economic Data (ET)

• 08:15 AM: ADP Employment Change
• 04:30 PM: API Crude Oil Stock Change

Notable Earnings

• Premarket: MMM, ALLY, SCHW, DHI, DHR, EFX, GM, GPC, HAL, HAS, KEY, MRSH, MSCI, NOC, NVS, SYF, VMI
• Postmarket: ALK, COF, CB, EQT, IBKR, PEGA, RRC, WAL
• Premarket Tomorrow: T, CME, EQNR, GEV, MCO, NTRS, OTIS, PM, PHM, RCI, RPM, TDY, TNL, WAB
• Postmarket Tomorrow: GOOGL, AVB, CCI, CSX, EQR, GL, IBM, KALU, KMI, KNX, LVS, MOH, PKG, QS, RS, ROL, NOW, SLG, SON, LUV, TSLA, TXN, URI, WCN, WEX, WH

Upgrades/Downgrades

• HSBC upgrades Goldman Sachs (GS) to Hold from Reduce
• Morgan Stanley upgrades Fortinet (FTNT) to Equal Weight from Underweight
• Bernstein upgrades Five Below (FIVE) to Outperform from Market Perform
• Morgan Stanley downgrades Salesforce (CRM) to Equal Weight from Overweight and Adobe (ADBE) to Underweight from Equal Weight
• Rothschild & Co Redburn downgrades Shopify (SHOP) to Neutral from Buy
• Leerink downgrades Gilead (GILD) to Market Perform from Outperform

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