U.S. stock futures are slightly lower in premarket trading as crude prices resumed their upward trajectory and traders weighed a U.S.-backed plan to protect shipping along the Strait of Hormuz. Oil prices are up about 3% today as the fallout of the U.S.-Iran war continue to influence investor sentiment and equity prices.

On the corporate front, Nvidia (NVDA) shares are up slightly after CEO Jensen Huang kicked off their GTC conference on Monday. Huang stated that demand continues to go up and he forecasts at least $1 trillion in revenue through 2027.

Aside from oil prices and geopolitical risks, investors will watch housing data this morning ahead of tomorrow’s FOMC announcement on interest rates.  

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 3% near $96 a barrel as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz. U.S. Treasury Secretary Scott Bessent said Monday that the U.S. was allowing Iranian oil tankers to pass through the Strait of Hormuz. The Wall Street Journal reported that the U.S. would soon announce a coalition of countries to escort ships through the Strait, citing officials. Iran targeted UAE energy infrastructure as a gas field was set ablaze and a tanker struck near Strait of Hormuz, which is also lending support to crude.
• Gold (/GC) – Gold prices are up 0.3% near $5,015 as investors assessed the economic impact of the Middle East conflict ahead of a slew of central bank policy decisions this week.
• Bitcoin (/BTC) – The Crypto Future is up 0.3% near 74,300 in premarket trading.
• VIX – The CBOE Volatility Index was down 13.5% on Monday and settled at 23.51 as stocks rallied.
• U.S. Dollar (/DX) – The dollar is relatively flat at 99.5.

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

1. Delta Airlines (DAL): +4.37%
2. Uber Technologies (UBER): +3.42%
3. Intl. Flavors & Fragrance (IFF): +2.70%
4. United Airlines (UAL): +2.47%
5. Micron (MU): +2.04%

1. Corning (GLW): -1.63%
2. Carnival (CCL): -1.21%
3. Eli Lilly (LLY): -0.92%
4. Honeywell (HON): -0.67%
5. Freeport-McMoRan (FCX): -0.64%

Economic Data

• 8:30 AM ET: Housing Starts/Permits (Delayed)
• 10:00 AM ET: Pending Home Sales
• 1:00 PM ET: 20-Year Bond Auction

Notable Earnings

• Premarket: ASO, ESLT, GDS, TME
• Postmarket: DOCU, LULU, OKLO, QFIN, TTAM, ZTO
• Premarket Tomorrow: GIS, MOMO, JBL, M, SAIL, TCEHY, WB, WSM
• Postmarket Tomorrow: FIVE, MU, RCAT

Upgrades/Downgrades

• Barclays upgrades Align Technology (ALGN) to Overweight from Equal Weight
• Wells Fargo upgrades Dover (DOV) to Overweight from Equal Weight
• Mizuho upgrades Canadian Solar (CSIQ) to Neutral from Underperform
• HSBC downgrades Eli Lilly (LLY) to Reduce from Hold
• Argus downgrades DraftKings (DKNG) to Hold from Buy
• Goldman Sachs downgrades Li Auto (LI) to Neutral from Buy

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