Markets Before Memorial Day: Mixed

Markets are mixed on the final trading day before the long Memorial Day weekend. 

S&P 500 futures (/ES) are showing slight gains while Russell 2000 futures are marginally down. Positive news about progress for peace between the U.S. and Iran made headlines but sticking points for the deal still include an Iran toll system for the Strait of Hormuz. 

Economic data on tap for today includes Michigan Consumer Sentiment. 

There are few earnings releases to close out the week, but Tuesday brings results from Autozone (AZO) and Zscaler (ZS).

Snapshot (as of 7 AM ET)

• Oil Futures (/CL) – up 1.93% to $98.21 per barrel 
• Gold Futures (/GC) – down 0.52% to $4,519 per troy ounce 
• Bitcoin Futures (/BTC) – down 0.50% to 77,310 per contract 
• The CBOE Volatility Index (VIX) – up 0.51% to 19.45 
• U.S. Dollar Index Futures (/DX) – up 0.9% to 99.30

Biggest Premarket Movers (as of 8:30 AM ET)

Top Premarket Winners

• Estee Lauder (EL) — up 11.52%
• Workday (WDAY) — up 6.96%
• Ross Stores (ROST) — up 4.08%
• Dell Technologies (DELL) — up 4.04%
• Generac Holdings (GNRC) — up 3.21%

Top Premarket Losers

• Las Vegas Sands (LVS) — down 1.72%
• Sandisk Corp. (SNDK) — down 1.64%
• Deckers Outdoor Corp. (Deck) — down 1.29%
• Lumentum Holdings (Lite) — down 1.25%
• Wynn Resorts (WYNN) — down 1.21%

Economic Data

• 10:00 AM ET: Michigan Consumer Sentiment Final
• 1:00 PM ET: Baker Hughes Oil Rig Count

Notable Earnings

• Premarket Today: BJ, BAH
• Postmarket Today: None
• Premarket Tuesday: AZO
• Postmarket Tuesday: ZS

Upgrades/Downgrades

• Seaport Research upgrades Texas Instruments (TXN) to Buy from Neutral 
• KeyBanc upgrades Zoom Communications (ZM) to Sector Weight from Underweight 
• Jefferies upgrades Generac (GNRC) to Buy from Hold 
• H.C. Wainwright downgrades Summit Therapeutics (SMMT) to Neutral from Buy 
• KGI Securities downgrades Deckers Outdoor (DECK) to Neutral from Outperform 
• BofA downgrades Inspire Medical (INSP) to Underperform from Neutral

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