Stock Futures Higher as Oil Dips

U.S. stocks are set to climb on Monday, while oil prices are tumbling as investors await a potential de-escalation in the war in Iran.

West Texas Intermediate's contract for September delivery tumbled roughly 7% to $79.31 a barrel, while Brent crude's October contract declined nearly 6% to $82.90 a barrel. Those moves came after President Donald Trump said the U.S. and Iran would hold talks on Monday and that a planned attack on the country had been called off.

Significant economic data for the week includes The Institute for Supply Management's manufacturing purchasing managers' index for July, released at 10 a.m. today, and the July jobs numbers later this week.

Following a busy week of big tech earnings, which helped to boost the Nasdaq, Palantir (PLTR) is scheduled to report its latest financial results after the closing bell.

Snapshot (as of 8:15 AM ET)

• Oil (/CL) – Oil futures are down nearly 7% to roughly $79 per barrel
• Gold (/GC) – Gold futures are up 0.02% at near 4,107.70 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.64% to 62,725
• VIX (/VIX) – The CBOE Volatility Index is up 0.88% to 16.13
• U.S. Dollar ($DXY) – The dollar index is down 0.15% to 99.762

Biggest Premarket Movers (as of 8:15 AM ET)

Advancers:

• Bristol-Myers Squibb (BMY) +4.12%
• ServiceNow (NOW) +3.27%
• Salesforce (CRM) +2.84%
• First Solar (FSLR) +2.83%
• Palo Alto Networks (PANW) +2.77%

Decliners:

• Sandisk (SNDK) -4.10%
• Micron Technology (MU) -4.01%
• Marriott International (MAR) -3.59%
• Seagate Technology Holdings (STX) -3.29%
• Western Digital (WDC) -2.92%

Economic Data (ET)

• 09:45 AM: S&P Global Manufacturing PMI, Final (Jul)
• 10:00 AM: ISM Manufacturing PMI (Jul)
• 10:00 AM: Construction Spending (MoM) (Jun)
• 02:00 PM: Senior Loan Officer Opinion Survey on Bank Lending Practices

Notable Earnings

• Premarket: Tyson Foods, Inc. (TSN), Marriott International, Inc. (MAR), CNA Financial Corporation (CNA), EchoStar (ECHO)
• Postmarket: Palantir Technologies Inc. (PLTR), ON Semiconductor (ON), Snap Inc. (SNAP), Vertex Pharmaceuticals Incorporated (VRTX), Clorox Company (CLX), ONEOK, Inc. (OKE), Diamondback (FANG), SBA Communications Corporation (SBAC)
• Premarket Tuesday: Caterpillar Inc. (CAT), McDonald's Corporation (MCD), Pfizer Inc. (PFE), Merck & Co (MRK), BP ADR(BP), Transdigm (TDG), WW Grainger (GWW), Spotify Tech (SPOT), Cummins (CMI), Archer-Daniels-Midland Company (ADM), Kimberly-Clark Corporation (KMB)
• Premarket Tuesday: Postmarket Tuesday: Advanced Micro Devices, Inc. (AMD), SpaceX Corporation (SPCX), Booking Holdings Inc. (BKNG), Arista Networks, Inc. (ANET), Pinterest, Inc. (PINS), Amgen Inc. (AMGN), Gilead (GILD), Toast, Inc. (TOST), Suncor Energy (SU), Devon Energy Corporation (DVN), Astera Labs, Inc. (ALAB), DigitalOcean Holdings (DOCN), Ball Corporation (BALL)

Upgrades/Downgrades

• BNP Paribas upgrades Boeing (BA) to Outperform from Underperform
• Evercore ISI upgrades Eaton (ETN) to Outperform from In Line
• Melius Research upgrades Starbucks (SBUX) to Hold from Sell
• Macquarie downgrades Roblox (RBLX) to Neutral from Outperform
• Wells Fargo downgrades eBay (EBAY) to Underweight from Equal Weight
• UBS downgrades NXP Semiconductors (NXPI) to Neutral from Buy

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