U.S. stock futures are slightly lower in premarket trading as oil prices fell after a volatile session with traders keeping a close eye on the latest developments out of Iran. The moves come after President Donald Trump on Monday evening said, “We’re achieving major strides toward completing our military objective,” reinforcing earlier comments that the military campaign could soon end.

Trump also said, “We are also focused on keeping energy and oil flowing to the world.” On Monday, Oil futures hit nearly $120 a barrel before falling sharply in the afternoon following comments from the President.

This morning, energy ministers from the Group of Seven nations are set to meet virtually to discuss a potential release of strategic oil reserves. Investor focus remains on Middle East headlines and Oil prices as the conflict continues to dictate volatility. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 7% near $89 a barrel and plunged as much as 10% overnight before paring losses, as investors assessed comments from U.S. President Donald Trump on the conflict in the Middle East and on oil flows via the critical Strait of Hormuz. Trump, who had signaled Monday that the conflict with Iran could end soon, sending oil prices lower, warned later in the day that Tehran would be hit “twenty times harder” if it attempted to halt oil flows through the Strait of Hormuz.
• Gold (/GC) – Gold Futures are up over 1.5% near $5190, as inflation fears receded after oil fell following U.S. President Donald Trump’s remarks that the Middle East war could “end soon”, while a weaker U.S. dollar and easing Treasury yields also provided support.
• Bitcoin (/BTC) – The Crypto Future is up nearly 2.5% near 71,000 in premarket trading.
• VIX – The CBOE Volatility Index was down 13.5% on Monday and settled at 25.50 as stocks rebounded off of session lows and finished higher. The VIX is down another 3% ahead of the open as stocks have moved higher.
• U.S. Dollar (/DX) – The dollar is down 0.5% to 98.6.

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

1. Vertex Pharma (VRTX): +6.00%
2. Coinbase (COIN): +2.21%
3. CrowdStrike (CRWD): +2.11%
4. Corning (GLW): +1.52%
5. Elevance Health (ELV): +1.43%

1. Occidental Petroleum (OXY): -3.40%
2. Qualcomm (QCOM): -2.11%
3. CME Group (CME): -1.85%
4. LyondellBasell (LYB): -1.83%
5. Palantir (PLTR): -1.43%

Economic Data

• 6:00 AM ET: NFIB Small Business Optimism Index
• 10:00 AM ET: Existing Home Sales
• 1:00 PM ET: 3-Year Note Auction

Notable Earnings

• Premarket: ABM, BNTX, KSS, NIO, UNFI, UEC
• Postmarket: AVAV, FNV, GRPN, JOYY, LDI, ORCL
• Premarket Tomorrow: CPB, SERV
• Postmarket Tomorrow: BMBL, WOOF, SFIX, PATH

Upgrades/Downgrades

• Morgan Stanley upgrades CrowdStrike (CRWD) to Overweight from Equal Weight
• Arete upgrades AT&T (T) to Neutral from Sell
• Rothschild & Co. Redburn upgrades Intuit (INTU) to Buy from Neutral
• TD Cowen downgrades Novo Nordisk (NVO) to Hold from Buy
• BofA reinstates Qualcomm (QCOM) with a downgrade to Underperform from Neutral

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