U.S. stock futures are slightly higher in premarket trading as traders monitor the conflict in the Middle East and the fragile ceasefire between Iran and the U.S.

All four major averages finished at new closing records on Thursday, boosted by a rally in the technology sector. Oil prices, down more than 1%, also are lending support to stocks. The “Sell in May and go away” theme has been pushed aside again this year with all of the major indices sharply higher into the month’s end.

On the corporate front, shares of Dell Technologies (DELL) are up about 33% after an earnings beat with revenue growth at its highest level since going public again seven years ago.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil futures were down more than 1% near $87.70 per barrel.
• Gold (/GC) – Gold prices are up 0.7% near $4565 as the dollar and yields stabilize. 
• Bitcoin (/BTC) – The crypto future is flat near 73,500.
• VIX – The CBOE Volatility Index was down 3.4% on Thursday and settled at 15.74, the lowest close for the VIX since January 22. 

Biggest Premarket Movers (as of 8 AM ET)

Gainers

• Dell Technologies Inc (DELL) 33.17%
• NetApp Inc (NTAP) 17.28%
• Hewlett Packard Entertainment (HPE) 12.22%
• Super Micro Computer (SMCI) 8.35%
• ServiceNow Inc (NOW) 6.98%

Losers

• Autodesk Inc (ADSK) -6.41%
• EchoStar Corp (SATS) -3.98%
• Alphabet Inc (GOOGL) -0.99%
• Walmart Inc (WMT) -0.88%
• Clorox Co (CLX) -0.83%

Economic Data

2:00am: FOMC Member Kashkari Speaks

6:50am: FOMC Member Schmid Speaks

8:30 AM Retail Inventories

8:30 AM Wholesale Inventories

9:10 AM Fed’s Bowman speaks

9:15 AM Fed’s Paulson speaks

9:45 AM Chicago PMI

12:40 AM Fed’s Daly speaks

1:00 PM Baker Hughes Rig Count

3:00 PM Farm Prices

Notable Earnings

• Premarket: BKE
• Postmarket: None
• Premarket Monday: SAIC
• Postmarket Monday: CRDO, HPE

Upgrades/Downgrades

• HSBC upgrades Snowflake (SNOW) to Buy from Hold
• Susquehanna upgrades Dell Technologies (DELL) to Positive from Neutral
• BofA upgrades Sentinel One (S) to Buy from Neutral
• JPMorgan and Evercore ISI downgrade Gap (GAP)
• UBS downgrades Best Buy (BBY) to Neutral from Buy
• Raymond James downgrades Sentinel One (S) to Market Perform from Strong Buy

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