U.S. stock futures are higher in premarket trading following a news report that the U.S. has given Iran a plan that could bring the conflict to an end.

The moves come after stocks fell on Tuesday as oil prices rose. President Trump late Tuesday said that the U.S. is “in negotiations right now” with Iran. He added that Tehran is “talking sense” and suggested it is eager to make a peace deal.

The New York Times stated that the U.S. is said to have sent Iran a peace plan to end the war, citing two unnamed officials. The 15-point plan was delivered by way of Pakistan, the outlet wrote.

Oil prices are down about 5% on the potential de-escalation in the Middle East and lower Yields are also supporting equity gains. Investor focus will remain on headlines along with the price of oil. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 5% near $87.50 a barrel after U.S. President Donald Trump said that Washington and Tehran are “in negotiations right now” and indicated Iran is keen to reach a peace agreement, despite the Islamic Republic denying any direct talks with the U.S.
• Gold (/GC) – Gold futures are up almost 4% near $4,570 as declining oil prices helped temper worries about persistent inflation, following reports that Washington is working on a proposal to end the Middle East conflict. Falling yields and a weaker dollar are also supporting gold prices.
• Bitcoin (/BTC) – The Crypto Future is up over 3% near 71,600 in premarket trading.
• VIX – The CBOE Volatility Index was up 3% on Tuesday and settled at 26.95 as stocks fell. The VIX is down 5% ahead of the open as stocks are sharply higher.
• U.S. Dollar (/DX) – The dollar is basically flat at 99.1.

Biggest Premarket Movers (as of 7 AM ET)

1. Newmont (NEM): +5.28%
2. Intel (INTC): +4.04%
3. Robinhood (HOOD): +3.56%
4. Freeport-McMoRan (FCX): +2.87%
5. Norwegian Cruise Line (NCLH): +2.80%

1. CF Industries (CF): -3.35%
2. Occidental Petroleum (OXY): -2.04%
3. Devon Energy (DVN): -1.73%
4. Altria Group (MO): -1.43%
5. ConocoPhillips (COP): -1.43%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:30 AM ET: Import/Export Prices (Delayed), Retail/Wholesale Inventories (Delayed)
• 10:30 AM ET: Oil Inventories
• 1:00 PM ET: 5-Year Note Auction
• 4:10 PM ET: Fed’s Miran Speaks

Notable Earnings

• Premarket: BZUN, CHWY, CTAS, CGNT, KC, PDD, PAYX, WGO
• Postmarket: BYND, FUL, JEF, MLKN, WS
• Premarket Tomorrow: DOO, CMC, DBI, LOVE, PONY
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Raymond James upgrades Arm (ARM) to Outperform from Market Perform
• Wolfe Research upgrades General Motors (GM) to Outperform from Peer Perform
• Wolfe Research upgrades BorgWarner (BWA) to Outperform from Peer Perform
• Rothschild & Co. Redburn downgrades Mondelez (MDLZ) to Neutral from Buy
• JPMorgan downgrades EVgo (EVGO) to Neutral from Overweight

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