U.S. stock futures are sharply higher in premarket trading amid a pause in fighting between the U.S. and Iran over the weekend.

Falling geopolitical tensions has oil down about 6% to near $83 per barrel while lifting investor settlement. Along with the U.S.-Iran conflict, investors will have a massive amount of earnings and data this week along with the FOMC decision on interest rates.

More than 150 S&P 500 stocks report quarterly results this week led by results from Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL). Data includes Consumer Confidence on Tuesday, the first read on Q2 GDP and PCE inflation data on Thursday and Sentiment on Friday. The Fed releases its decision on interest rates Wednesday with the focus on Fed Chair Kevin Warsh’s comments on inflation.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are down -6.79 to $83.21 per barrel
• Gold (/GC) – Gold futures are up +0.69% to 4,099.20 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up +1.41% to 65,120
• VIX (/VIX) – The CBOE Volatility Index is down -4.57% to 17.73
• U.S. Dollar ($DXY) – The dollar index is down -0.12% to 101.345

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Southwest Airlines (LUV) +3.37%
• United Airlines Holdings (UAL) +3.32%
• Applied Materials (AMAT) +3.19%
• Norwegian Cruise Line Holdings (NCLH) +3.15%
• Carnival (CCL) +3.11%

Decliners:

• Devon Energy (DVN) -3.55%
• APA (APA) -3.46%
• Diamondback Energy (FANG) -3.27%
• Occidental Petroleum (OXY) -3.26%
• ConocoPhillips (COP) -3.18%

Economic Data (ET)

• 8:30 AM: Durable Goods Orders
• 8:30 AM: Retail/Wholesale Inventories
• 10:30 AM: Dallas Fed Mfg. Survey
• 11:30 AM: 2-Year Note Auction
• 1:00 PM: 5-Year Note Auction

Notable Earnings

• Premarket: AZN, BKR
• Postmarket: AMKR, APLD, BRO, CDNS, FFIV, NUE, PFG, RMBS, UHS, WELL
• Premarket Tuesday: AMT, BA, CARR, CNC, CMS, KO, GLW, DTE, ECL, GSK, HRI, HLT, HUBB, ITW, INCY, IVZ, IQV, JBLU, OSK, PCAR, PYPL, PNR, PII, RCL, PHG, SPGI, SHW, SPWR, TXT, TRU, UPS, XYL
• Postmarket Tuesday: CAR, AXS, BE, CZR, CNP, CAKE, CSGP, CR, ENPH, FE, F, GEF, KLAC, LOGI, MDLZ, NBR, NOV, NXPI, OI, OMC, PPG, QRVO, STX, SKHY, SWKS, TER, TTAM, UNM, V, WERN, WM

Upgrades/Downgrades

• Phillip Securities upgraded Alphabet (GOOGL) to Buy from Accumulate.
• Jefferies upgraded General Motors (GM) and Ford Motor (F) to Buy from Hold.
• Piper Sandler upgraded Rivian Automotive (RIVN) to Overweight from Neutral
• Seaport Research downgraded Warner Bros. Discovery (WBD) to Neutral from Buy.
• Piper Sandler downgraded Stellantis (STLA) to Underweight from Overweight.
• Citi downgraded Albertsons (ACI) to Neutral from Buy.

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.