U.S. stock futures are higher in premarket trading and oil prices continued to sink on hope that a proposed peace deal would see the Strait of Hormuz reopen.

Iranian state media reported that the draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions, as well as a commitment from Iran to reopen the Strait of Hormuz.

After President Donald Trump stated Thursday afternoon that a peace deal with Iran was near, the market saw a broad-based rally. The news has sent oil futures down over 3% this morning to two-month lows. Traders will be watching SpaceX (SPCX), Elon Musk’s rocket maker, as it begins trading on the Nasdaq. The company plans to sell 555.6 million shares, raising roughly $75B that would be the largest initial public offering in history.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures prices are down 3% to 85.07
• Gold (/GC) – Gold is up 2.84% to 4,231
• Bitcoin (/BTC) – The cryptocurrency is up 0.27% to 63,850
• VIX – The CBOE Volatility Index has declined 3.3% to 18.80

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Echostar Corp A (SATS) 6.77%
• Albemarle Corp (ALB) 3.37%
• Arista Networks Inc (ANET) 2.94%
• Coherent Corp (COHR) 2.34%
• Western Digital Corp (WDC) 2.06%

Decliners:

• Adobe Inc (ADBE) -6.99%
• Super Micro Computer Inc (SMCI) -1.35%
• Travelers Cos Inc (TRV) -1.31%
• Occidental Pete Corp (OXY) -1.03%
• Devon Energy Corp (DVN) -0.99%

Economic Data (ET)

• 10:00AM: Consumer Sentiment
• 1:00PM: Baker-Hughes Rig Count

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Monday: None
• Postmarket Monday: PLAY, DOMO, QMCO

Upgrades/Downgrades

• Citi upgrades Advanced Micro Devices (AMD) from Neutral to Buy
• Stifel, Evercore ISI and Wolfe Research downgrade Adobe (ADBE)
• Barclays downgrades Travelers (TRV) from Equal Weight to Underweight
• BofA downgrades SailPoint (SAIL) from Buy to Neutral

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.