U.S. stock futures are higher in premarket trading as Wall Street tries to recover from another losing week, with investors monitoring oil prices and the latest developments from the U.S.-Iran war.

The moves come after the S&P 500 notched its third losing week in a row and closed at its lowest level of the year on Friday. Oil prices are down over 1% after a rally last week, with WTI crude near $97 a barrel. Crude soared as traffic in the Strait of Hormuz, a critical shipping route, has been effectively halted since the war began.

Along with oil and the war, investors will keep an eye on Nvidia (NVDA), as the chipmaker’s GTC conference begins today. The Federal Reserve is also set to hold its second monetary policy meeting of the year on Wednesday, though no change to interest rates is expected. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down almost 1.5% near $97.00 a barrel as the Trump administration ramps up pressure on allies to help safeguard the Strait of Hormuz and investors react to threats facing Middle East export facilities. U.S. President Donald Trump said over the weekend that he was demanding other countries help to protect the key maritime corridor, adding that he was in conversation with several allies about securing the Strait.
• Gold (/GC) – Gold prices are down about 0.8% near $5020 and around 1-month lows, pressured by concerns that surging oil costs could stoke inflation further and prompt a more hawkish policy stance by major central banks including the U.S. Federal Reserve, dulling the appeal of the non-yielding asset.
• Bitcoin (/BTC) – The Crypto Future is up 3.4 % near 73,750 in premarket trading.
• VIX – The CBOE Volatility Index was down 0.4% on Friday and settled at 27.19 despite the weakness in stocks. The VIX is down 7% this morning as stocks are moving higher.
• U.S. Dollar (/DX) – The dollar is down 0.4% to 99.8.

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

1. Micron (MU): +4.55%
2. SanDisk (SNDK): +3.64%
3. Intel (INTC): +3.60%
4. Coinbase (COIN): +3.36%
5. Western Digital (WDC): +3.02%

1. CF Industries (CF): -2.95%
2. LyondellBasell (LYB): -1.00%
3. Dow (DOW): -0.93%
4. Newmont (NEM): -0.68%
5. Huntington Ingalls (HII): -0.65%

Economic Data

• 8:30 AM ET: Empire State Mfg. Index
• 9:15 AM ET: Industrial Production
• 10:00 AM ET: Housing Market Index

Notable Earnings

• Premarket: DLTR, BEKE, SAIC, WW
• Postmarket: BALY, SMTC
• Premarket Tomorrow: ASO, ESLT, GDS, TME
• Postmarket Tomorrow: DOCU, LULU, OKLO, QFIN, TTAM, ZTO

Upgrades/Downgrades

• BNP Paribas upgrades Intuit (INTU) to Neutral from Underperform
• Arete upgrades The Trade Desk (TTD) to Neutral from Sell
• Keefe Bruyette upgrades Rocket Companies (RKT) to Outperform from Market Perform
• Seaport Research downgrades Qualcomm (QCOM) to Sell from Neutral
• Argus downgrades Adobe (ADBE) to Hold from Buy
• Jefferies downgrades Incyte (INCY) to Hold from Buy

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