Markets are higher to begin this shortened trading week with continued optimism for some kind of peace agreement between the U.S. and Iran.

Oil prices are in steep decline despite the U.S. launch of “self-defense” strikes on military targets near the Strait of Hormuz.

Semiconductors such as Micron Technology (MU) and On Semiconductor (ON) are the biggest winners this morning, while Autozone (AZO) is the S&P 500’s biggest loser after earnings. Shares of Zscaler (ZS), which reports earnings this afternoon, are higher in pre-market trading.

Today’s economic data includes the Chicago Fed National Activity Index and the Case-Shiller Home Price Index.

Snapshot (as of 7 AM ET)

• Gold Futures (/GC): Gold is up +0.09% near 4,526.5 after a -0.74% decline last session.
• Bitcoin Futures (/BTC): Bitcoin is up +1.90% at about 77,215 following a -2.3% drop as price remains rangebound during the past week.
• CBOE Vol. Index (VIX): The Vix is near 16.61, little changed from last sessions close of 16.59.
• U.S. Dollar Futures (/DX): The greenback is down -0.21% around 98.97 after falling -0.35% to close out last week.
• Crude Oil Futures (/CL): Oil is down -4.3% at about 92.43, on pace for a roughly -11.3% decline since Thursday’s close.

Biggest Premarket Movers (as of 7 AM ET)

Winners:

• MICRON TECHNOLOGY INC (MU) 7.08%
• ON SEMICONDUCTOR CORP (ON) 5.42%
• DELL TECHNOLOGIES INC (DELL) 5.19%
• APPLOVIN CORP (APP) 5.16%
• VERTIV HLDGS CO (VRT) 4.16%

Losers:

• AUTOZONE INC (AZO) -4.60%
• O'REILLY AUTOMOTIVE (ORLY) -1.90%
• CF INDS HLDGS INC (CF) -1.45%
• EXXON MOBIL CORP (XOM) -1.43%
• EOG RESOURCES INC (EOG) -1.43%

Economic Data

08:30 AM: Chicago Fed National Activity Index APR

09:00 AM: S&P/Case-Shiller Home Price YoY MAR

10:00 AM: CB Consumer Confidence MAY

10:30 AM: Dallas Fed Manufacturing Index MAY

Notable Earnings

Premarket: AZO

Postmarket: ZS

Premarket Tomorrow: PDD, DKS, BBWI, CPRI, MOV

Postmarket Tomorrow: MRVL, CRM, SNOW, A, AMSC

Upgrades/Downgrades

• JPMorgan upgrades Travelers to Neutral from Underweight
• Barclays upgrades Occidental to Overweight from Equal Weight
• Arete upgrades Okta to Buy from Sell
• Barclays downgrades Cigna to Equal Weight from Overweight
• BofA downgrades Vodafone to Underperform from Neutral
• Danske Bank downgrades Frontline to Hold from Buy