Markets are surging to the upside this morning after Axios reported that the U.S. and Iran are getting closer to an end to the war, with S&P 500 futures (/ES) up +0.8%, tech-focused Nasdaq 100 futures (/NQ) up +1.4%, and small cap-weighted Russell 2000 futures (/RTY) up +1.7%.

The Axios report said nothing has been formally agreed to yet and that the U.S. expects Iran to respond about several key points within 48 hours. The news sent crude oil futures (/CL) plunging more than -13% at one point, and gold futures (/GC) ran up more than +3%.

Earnings movers include AMD (AMD), Super Micro Computer (SMCI). and Arista Networks (ANET). Today’s postmarket earnings include Arm Holdings (ARM), Applovin (APP), and DoorDash (DASH), while ecodata includes ADP Employment Change and the MBA 30-Year Mortgage Rate. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil is plunging -9.5% to 92.40, with today’s sharp downside move due to reports that the U.S.-Iran war may be closer to a resolution and after a -2.3% move yesterday.
• Gold (/GC) – Gold is up +3% near 4,700, an upside push that is moving above relative highs near 4,673 from Friday and continuing the upswing that began with yesterday’s +0.78% move.
• Bitcoin (/BTC) – Bitcoin is up +1.1% at about 82,870, with early trading pointing toward a fifth straight day of gains for a +10.4% rally since the lows on Apr. 29.
• VIX – The VIX is near 16.4, continuing declines from yesterday’s -0.91 move that closed at 17.38.
• U.S. Dollar (/DX) – The greenback is down -0.6% at around 97.7, ending a three-day winning streak that closed near 98.4 yesterday after a modest +0.02% gain.

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

1. Corning (GLW): +19.77%
2. AMD (AMD): +18.32%
3. Super Micro Computer (SMCI): +12.83%
4. Uber Technologies (UBER): +8.03%
5. Royal Caribbean (RCL): +7.58%

1. Dow Inc. (DOW): -8.09%
2. APA Corp. (APA): -7.69%
3. Arista Networks (ANET): -7.18%
4. Devon Energy (DVN): -6.65%
5. Occidental Petroleum (OXY): -6.64%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:15 AM ET: ADP Employment Report
• 8:30 AM ET: Treasury Refunding Announcement
• 9:30 AM ET: Fed’s Musalem Speaks
• 10:30 AM ET: EIA Petroleum Status Report
• 11:00 AM ET: Treasury Buyback Announcement
• 1:00 PM ET: Fed’s Goolsbee Speaks

Notable Earnings

• Premarket: NVO, DIS, UBER, CVS, MAR, JCI, QSR, KHC, CART
• Postmarket: ARM, APP, DASH, WBD, FTNT, TKO, ALB, CF, FLUT, SNAP, BROS
• Premarket Tomorrow: SHEL, MCD, HWM, LNG, DDOG, ZTS, TPR, U, CELH
• Postmarket Tomorrow: GILD, MCK, MELI, ABNB, NET, MNST, MSI, CRWV, COIN, MCHP, RKLB, XYZ, RKT, EXPE, AFRM, AKAM, TOST, WMG, NWS, HUBS, DKNG, TTD, WYNN, TXRH, DBX, LYFT

Upgrades/Downgrades

• Argus upgrades Palantir (PLTR) to Buy from Hold
• Phillip Securities upgrades Wells Fargo (WFC) to Buy from Accumulate
• Seaport Research upgrades AMD (AMD) to Buy from Neutral
• JPMorgan downgrades Westlake (WLK) to Underweight from Neutral
• Loop Capital downgrades TopBuild (BLD) to Hold from Buy
• Northcoast downgrades Norwegian Cruise (NCLH) to Neutral from Buy

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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.