Tech stocks are surging and U.S. stock futures are slightly higher in premarket trading in an extension of record highs reached Friday.

Stocks wrapped up another strong month, with all three major indexes posting solid gains in May. The tech-heavy Nasdaq-100 (NDX) led the advance, up more than 10% for the month. The S&P 500 gained 5.2%, while the Dow Jones Industrial Average added 2.8%.

The gains came after the U.S. – Iran ceasefire was extended another 60 days. But oil prices are up roughly 3% above $90 per barrel this morning. The U.S. and Iran launched fresh strikes and Israel ordered troops to push deeper into Lebanon. Focus today will be on headlines from the Middle East, oil prices and manufacturing data due this morning.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil prices are up roughly 3% above $90 a barrel.
• Gold (/GC) – Gold prices are down over 1% near $4,530. 
• Bitcoin (/BTC) – The Crypto Future is down 1% near 73,000 in premarket trading.
• VIX – The CBOE Volatility Index was down 2.7% on Friday and settled at 15.32

Biggest Premarket Movers (as of 8 AM ET)

Higher

• IBM CORP (IBM) 11.53%
• SERVICENOW INC (NOW) 9.59%
• ADOBE INC (ADBE) 7.44%
• CADENCE DESIGN SYS I (CDNS) 6.69%
• SALESFORCE INC (CRM) 6.26%

Lower

• COHERENT CORP (COHR) -4.57%
• LUMENTUM HLDGS INC (LITE) -4.67%
• INTEL CORP (INTC) -5.87%
• QUALCOMM INC (QCOM) -9.48%
• FEDEX CORP (FDX) -19.25%

Economic Data (ET)

• 9:45 AM: PMI Manufacturing
• 10:00 AM: ISM Manufacturing Index
• 10:00 AM: Construction Spending

Notable Earnings

• Premarket: SAIC
• Postmarket: CRDO, HPE
• Premarket Tuesday: DG, DCI, MOMO, SIG, VSCO
• Postmarket Tuesday: GTLB, PANW, SPWH, ULTA

Upgrades/Downgrades

• Guggenheim upgrades Zscaler (ZS) to Buy from Neutral
• Morgan Stanley upgrades Dell Technologies (DELL) to Equal Weight from Underweight
• Citi upgrades Kohl's (KSS) to Buy from Neutral
• Jefferies downgrades Redwire (RDW) to Hold from Buy
• Truist downgrades Accenture (ACN) to Hold from Buy
• Stephens downgrades The Campbell's Company (CPB) to Equal Weight from Overweight

Read our Week in Review: Top Interviews as Technology Defies Inflation, Again

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