U.S. stock futures are sharply higher and extending yesterday’s rally after U.S. President Donald Trump announced a ceasefire between Israel and Iran, spurring cautious optimism for a lasting resolution to the conflict.

Within hours of the declaration, Israel accused Iran of violating the ceasefire with further missile strikes, which Tehran has refuted, according to Iranian media.

The benchmark S&P 500 is now just 1% below all-time highs if we open at current levels as optimism remains for equities.

Investor focus will remain on the developments in the Middle East today along with Housing data, Consumer Confidence and Fed Chair Powell’s testimony to Congress over the next two days.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Crude fell about 8% on Monday on a potential de-escalation in the Middle East. Crude prices are down another 3.5% near $66.50 a barrel this morning as the announced Iran-Israel ceasefire began to soften investor concerns over supply and shipping disruptions in the oil-rich Middle East.
• Gold (/GC) – Gold prices are down over 1.5% at $3340 near a two-week low as risk appetite improved after U.S. President Donald Trump said Iran and Israel had agreed to a ceasefire, denting demand for safe-haven assets.
• Bitcoin (/BTC) – The Crypto Future is up 2% near 105.4K in the premarket.
• VIX – The CBOE Volatility Index fell 3.8% on Monday and settled at 19.83 as stocks rallied. It is down another 8.5% to 18.1.
• U.S. Dollar (/DX) – The dollar is down 0.4% to 97.6.

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

1. Fiserv (FI): +3.42%
2. Uber (UBER): +3.00%
3. Carnival (CCL): +2.84%

1. Newmont (NEM): -1.75%
2. Occidental Petroleum (OXY): -1.71%
3. RTX (RTX): -1.24%

Economic Data

• 9:00AM ET: FHFA House Price Index, Case-Shiller Home Price Index
• 9:15AM ET: Fed’s Hammack Speaks
• 10:00AM ET: Fed’s Powell Testifies to House, Consumer Confidence, Richmond Fed Mfg. Index
• 10:15AM ET: Fed’s Hammack Speaks
• 12:30PM ET: Fed’s Williams Speaks
• 1:00PM ET: 2-Year Note Auction
• 2:05 PM ET: Fed’s Collins Speaks
• 4:00PM ET: Fed’s Barr Speaks

Notable Earnings

• Premarket: CCL, SNX
• Postmarket: BB, FDX, WOR
• Premarket Tomorrow: GIS, PAYX, WGO
• Postmarket Tomorrow: FUL, JEF, MU, MLKN, SCS, WS

Upgrades/Downgrades

• TD Cowen upgrades Lyft (LYFT) to Buy from Hold
• Susquehanna upgrades Union Pacific (UNP) to Positive from Neutral
• Roth Capital upgrades Electronic Arts (EA) to Buy from Neutral
• Goldman Sachs downgrades Advance Auto Parts (AAP) to Sell from Neutral
• Arete downgrades Alibaba (BABA) to Neutral from Buy
• Goldman Sachs downgrades Dollar General (DG) to Neutral from Buy

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

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.