U.S. stock futures are in the green ahead of the Wall Street open as oil prices have pulled back after settling at their highest level since mid-2022.

Stocks are coming off a losing session as oil spiked Thursday after Iran’s new Supreme Leader Mojtaba Khamenei said that the Strait of Hormuz, a critical route, should remain shut as a “tool to pressure the enemy.” Higher oil prices are the main concern for investors with the S&P 500 (SPX) set to fall for its third straight week, which is its longest streak in a year.

Aside from headline geopolitical risks, investors will focus on data today. Reports are due on January’s personal consumption expenditures price index — the Fed’s preferred inflation gauge. Also on tap today is the second read on 4Q GDP, delayed Durable Goods orders, Consumer Sentiment, and Job openings. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices closed at their highest level since mid-2022 on Thursday after Iran’s new supreme leader Mojtaba Khamenei vowed to keep the Strait of Hormuz closed, the latest sign the market may face a prolonged supply disruption. Crude prices are down over 1.5% this morning near $94 a barrel on the back of a 30-day sanction break for Russian oil to help stabilize markets.
• Gold (/GC) – Gold prices are down about 0.5% near $5100 and are on track for a second consecutive weekly drop as surging energy prices dimmed prospects for near-term U.S. interest rate cuts. The U.S. Dollar is also capping Gold with the greenback higher today to over 3-month highs.
• Bitcoin (/BTC) – The Crypto Future is up about 2.5% near 72,500 in premarket trading.
• VIX – The CBOE Volatility Index was up 12.6% on Thursday and settled at 27.29 as stocks sold off. The VIX is down 4% this morning as stocks are slightly higher.
• U.S. Dollar (/DX) – The dollar is up 0.4% to 99.9.

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

1. Coinbase (COIN): +2.78%
2. Linde (LIN): +1.39%
3. Micron (MU): +1.38%
4. Air Products & Chemicals (APD): +1.21%
5. Robinhood (HOOD): +1.05%

1. Adobe (ADBE): -7.70%
2. Ulta Beauty (ULTA): -6.76%
3. LyondellBasell (LYB): -4.14%
4. Insulet (PODD): -3.42%
5. Meta Platforms (META): -0.97%

Economic Data

• 8:30 AM ET: Durable Goods Orders (Delayed), 4Q GDP (2nd Read), Personal Income/Outlays (Delayed)
• 10:00 AM ET: Consumer Sentiment, JOLTS

Notable Earnings

• Premarket: BKE
• Postmarket: None
• Premarket Tomorrow: DLTR, BEKE, SAIC, WW
• Postmarket Tomorrow: SMTC

Upgrades/Downgrades

• Wells Fargo upgrades Celanese (CE) & Air Products (APD) to Overweight from Equal Weight
• Citi upgrades Knight-Swift (KNX) to Buy from Neutral
• HSBC upgrades Nio (NIO) to Buy from Hold
• Barclays downgrades Adobe (ADBE) to Equal Weight from Overweight
• William Blair downgrades PagerDuty (PD) to Market Perform from Outperform

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.