U.S. stock futures are down over 1% and oil prices are up nearly 9% after Israel attacked Iran’s nuclear program sites in a major escalation of tensions in the Middle East.

Gold rose 1% to the highest in more than a month, while the dollar rebounded 0.5% from Thursday’s more than three-year low.

The airstrikes against Iran’s nuclear program and ballistic-missile sites were targeted as Iran was ramping up its nuclear enrichment program.

Investor focus today will be on the headlines from the Middle East for Market direction along with soft economic data with consumer sentiment due.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Crude futures jumped more than $5 per barrel (+8%) near $74 a barrel on Friday morning after Israel launched airstrikes against Iran without U.S. support, drawing concerns over the supply outlook from the oil-rich Middle East region. Oil is hitting levels not seen since mid-January on the escalation in the Middle East.
• Gold (/GC) – Gold prices are up 1% near $3435 and hit their highest point in more than a month, on track for a weekly gain, as investors sought safe-haven assets after Israel’s strike on Iran heightened Middle East tensions.
• Bitcoin (/BTC) – The Crypto Future is down nearly 2% near 105K in premarket trading.
• VIX – The CBOE Volatility Index was up 4.4% on Thursday and settled at 18.02 despite stocks rising. The VIX is spiking over 10% this morning near the 20 level on the back of the escalation in the Middle East.
• U.S. Dollar (/DX) – The dollar is up 0.6% to 98.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Devon Energy (DVN): +4.72%
2. Diamondback Energy (FANG): +4.67%
3. APA Corp. (APA): +4.56%

1. Carnival (CCL): -5.22%
2. United Airlines (UAL): -4.49%
3. Delta Airlines (DAL): -4.42%

Economic Data

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

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Tomorrow: None
• Postmarket Tomorrow: LEN

Upgrades/Downgrades

• BMO Capital upgrades Oracle (ORCL) to Outperform from Market Perform
• Wells Fargo upgrades Zscaler (ZS) to Overweight from Equal Weight
• Jefferies upgrades Darden (DRI) to Hold from Underperform
• Wolfe Research downgrades GE Vernova (GE) to Peer Perform from Outperform
• Citi downgrades Sherwin-Williams (SHW) to Neutral from Buy
• Wells Fargo downgrades ZoomInfo (GTM) to Underweight from Equal Weight

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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.