Equities Continue Bull Run

The S&P 500 and Nasdaq-100 posted their sixth consecutive session of gains on Monday as Treasury yields traded off their lowest levels. The S&P 500 (SPX) was up 0.09%, while the Nasdaq-100 (NDX) also rose 0.09%. The Dow Industrials Index ($DJI) was higher by 137 points or 0.32% on Monday while the small-cap RUT was down 0.42%. All of the major indexes were down over 1% at their lowest levels before staging a rebound. Treasury yields spiked after Moody’s lowered the U.S. credit rating down one notch to Aa1 from Aaa, bringing the agency in line with peers. The firm cited financing challenges tied to the federal government’s growing budget deficit and the ramifications of rolling over existing U.S. debts in a period of high borrowing costs.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.2% near $62 a barrel despite a potential breakdown in talks between the U.S. and Iran over Tehran’s nuclear program and the weakened prospects of more Iranian oil supplies entering the global market.
• Gold (/GC) – Gold prices are relatively flat near $3240, as the dollar consolidates and optimism over a potential ceasefire between Russia and Ukraine dampened investor demand for safe-haven assets.
• Bitcoin (/BTC) – The Crypto Future is slightly lower near 105.3K in the premarket.
• VIX – The CBOE Volatility Index was up 5.2% on Monday and settled at 18.14 as stocks were slightly higher.
• U.S. Dollar (/DX) – The dollar index is down 0.16%

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

1. Home Depot (HD): +2.27%
2. United Health Group (UNH): +2.25%
3. Tesla (TSLA): +1.30%
4. FedEx (FDX): -1.38%
5. Southern Co (SO): -0.54%
6. Broadcom (AVGO): -0.54%

Economic Data

• 9:00AM ET Fed’s Barkin/Bostic Speak
• 1:00PM ET Fed’s Musalem Speaks
• 5:00PM ET Fed’s Kugler Speaks

Notable Earnings

• Premarket: AS, BILI, CAN, GDS, HD, HOV, HIS, PONY, VIK, VIPS
• Postmarket: KEYS, PANW, SKY, TOL, VSAT, XP, ZTO
• Premarket Tomorrow: BIDU, GOOS, DY, IQ, LOW, MDT, TGT, TJX, VFC, WB, WIX, XPEV
• Postmarket Tomorrow: SNOW, URBN, ZM

Upgrades/Downgrades

• Evercore ISI upgrades HP Enterprise (HPE) to Outperform from In Line
• Melius Research upgrades Kroger (KR) to Hold from Sell
• Deutsche Bank downgrades KLA Corp (KLAC) to Hold from Buy
• Loop Capital downgrades MongoDB (MDB) to Hold from Buy

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