Oil Climbs After OPEC+ Meeting, ORCL Up Before Earnings
PUBLISHED | 2 min read
Stocks are slightly higher in early trading with S&P 500 futures (/ES) up about +0.25% after Friday’s soft jobs report sent markets lower into the weekend. Traders are looking toward this week’s PPI and CPI reports on Wednesday and Thursday for further clues about economic conditions.
Energy markets are on the move, with oil futures (/CL) up +2% after OPEC+ yesterday agreed to increase oil production in October as it moves to undo previous production cuts a year before they projected.
It’s a light start to the week in terms of earnings; Casey’s General Stores (CASY) reports in today’s postmarket, with Oracle (ORCL) tomorrow afternoon and Adobe (ADBE) after Thursday’s close.
Snapshot (as of 7 AM ET)
- Oil (/CL) – Oil prices are up 2% to $63.20.
- Gold (/GC) – Gold futures are up +0.05% near 3,655 after hitting new highs of 3,662 in early trading.
- Bitcoin (/BTC) – The crypto futures are up +0.4% at about 112,420 as price remains rangebound.
- VIX – The VIX closed at 15.18 on Friday, sinking from highs of 19.38 earlier in the week.
- U.S. Dollar (/DX) – The greenback is down about -0.1% at roughly 97.6 after Friday’s drop of about -0.57%.
Biggest Premarket Movers (Mark % Change as of 7 AM ET)
- Arch Capital (ACGL): +2.53%
- Oracle (ORCL): +2.45%
- Albemarle (ALB): +1.88%
- T-Mobile (TMUS): -4.64%
- AT&T (T): -4.26%
- Verizon (VZ): -3.88%
Economic Data
- 11:30AM ET: 3-Month Bill Auction, 6-Month Bill Auction
- 3:00PM ET: Consumer Credit
Notable Earnings
- Premarket: None
- Postmarket: CASY
- Premarket Tomorrow: None
- Postmarket Tomorrow: ORCL, SNPS, GME
Upgrades/Downgrades
- Vertical Research upgrades Boeing (BA) to Buy from Hold
- Morgan Stanley upgrades Sanofi (SNY) to Overweight from Equal Weight
- JPMorgan upgrades Veeva (VEEV) to Overweight from Neutral
- Phillip Securities downgrades Alphabet (GOOGL) to Accumulate from Buy
- RBC Capital downgrades TransDigm (TDG) to Sector Perform from Outperform
