Conflicting news from the U.S.-Iran war roiled markets to start off this trading week, with all four major equity index futures pointing toward a lower open.

S&P 500 futures (/ES) are down -0.1% while small-cap Russell 2000 futures (/RTY) are down -0.3%. U.S. officials denied reports from Iranian media that the country’s navy attacked a U.S. warship, while crude oil futures (/CL) nonetheless gained over 3% at one point.

GameStop (GME) is once again making headlines after it made a $56B takeover bid for eBay (EBAY), sending both stocks higher. Factory Orders is on the docket for today’s economic data, while a busy earnings season continues with results from Palantir (PLTR), On Semiconductor (ON), Paramount Skydance (PSKY), and Norwegian Cruise Line (NCLH) today.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil is up +1.7% at 103.70 after headlines about the U.S.-Iran war rattled investors, bouncing back from Friday’s -2.8% drop.
• Gold (/GC) – Gold is down -1.5% near 4,573, continuing Friday’s -0.2% slide that closed near 4,580 as price continues to move in a rangebound trajectory.
• Bitcoin (/BTC) – Bitcoin is up +0.5% at about 79,260, on pace for its third green day in a row after last session’s +1.8% gain and making new relative highs above an old peak from late April.
• VIX – The VIX is higher in early trading near about 18, after a quiet session on Friday that saw little movement and closed at 16.99.
• U.S. Dollar (/DX) – The greenback is up +0.3% at about 98.3 after Friday’s session saw a modest gain of +0.1% but also held on above its previous relative lows from mid-April. 

Biggest Premarket Movers (as of 7 AM ET)

1. eBay (EBAY): +7.66%
2. Seagate Tech (STX): +4.11%
3. Micron (MU): +3.42%
4. Lumentum (LITE): +3.17%
5. SanDisk (SNDK): +3.12%

1. Norwegian Cruise Line (NCLH): -6.01%
2. Eli Lilly (LLY): -2.63%
3. United Parcel Service (UPS): -1.92%
4. FedEx (FDX): -1.81%
5. Carnival (CCL): -1.54%

Economic Data

• 9:00 AM ET: Factory Orders
• 10:30 AM ET: 3-Month Bill Auction, 6-Month Bill Auction
• 11:50 AM: Fed’s Williams Speaks
• 1:00 PM ET: Loan Officer Survey
• 2:00 PM ET: Treasury Refunding Financing Estimates
• All Day: Total Vehicle Sales (April)

Notable Earnings

• Premarket: TSN, NCLH, RIG
• Postmarket: PLTR, VRTX, FANG, ON, CTRA, FN, PINS, PSKY
• Premarket Tomorrow: SHOP, PFE, BUD, DUK, CMI, RACE, MPC, TDG, CCJ, ROK, PYPL, DD
• Postmarket Tomorrow: AMD, ANET, EMR, EOG, LITE, OXY, CTVA, EA, DVN, SMCI, JOBY, QRVO, MTCH

Upgrades/Downgrades

• Fubon upgrades Amazon (AMZN) to Buy from Neutral
• Oppenheimer upgrades Airbnb (ABNB) to Outperform from Perform
• Wedbush upgrades The Trade Desk (TTD) to Neutral from Underperform
• HSBC downgrades AMD (AMD) to Hold from Buy
• Morgan Stanley downgrades Prudential (PRU) to Underweight from Equal Weight
• BofA downgrades Check Point (CHKP) 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.