Equities Lower: Oil Up as U.S., Iran Spar
Equity futures are lower this morning with reports of U.S. strikes on Iranian military sites and drone locations and an Iranian attack on a U.S. air base.
S&P Futures (/ES) are down about -0.29% while oil futures (/CL) are up about +2.95%. Snowflake (SNOW) is up +38% after the data platform company showed a strong earnings beat and raised guidance. However, computer chip stocks are taking a breather. Marvell Technology (MRVL) reported earnings that beat analyst expectations, but shares are down about -2.7%. Micron (MU) and Intel (INTC) are falling as well.
It’s a very heavy day for economic data with Jobless Claims, GDP, Personal Consumption Expenditures (PCE), Durable Goods, and New Home Sales on the docket. Headline companies reporting earnings include Costco (COST), Dell Technologies (DELL), Burlington Stores (BURL), and Dollar Tree (DLTR).
Snapshot (as of 8:15 AM ET)
- Crude Oil Futures (/CL): up about +2.7% to near $91.08
- Gold Futures (/GC): down -1.35% near 4,420
- Bitcoin Futures (/BTC): down -2% at around 73,350
- CBOE Vol. Index (VIX): near 16.72, opening higher
Biggest Premarket Movers (as of 8 AM ET)
(Winners)
- DOLLAR TREE INC (DLTR) 12.76%
- AGILENT TECHNOLOGIES (A) 8.84%
- BEST BUY INC (BBY) 8.51%
- HORMEL FOODS CORP (HRL) 6.30%
- DATADOG INC (DDOG) 4.91%
(Losers)
- NORWEGIAN CRUISE LINES (NCLH) -4.41%
- UNITED AIRLINES HOLDINGS (UAL) -2.95%
- CARNIVAL CORP LTD (CCL) -2.43%
- ROYAL CARIBBEAN GROUP (RCL) -2.42%
- INTEL CORP (INTC) -2.37%
Economic Data (ET)
- 8:30 AM: Core PCE Price Index MoM APR
- 8:30 AM: Durable Goods Orders MoM APR
- 8:30 AM: GDP Growth Rate QoQ 2nd Est Q1
- 8:30 AM: Initial Jobless Claims MAY/23
- 8:30 AM: GDP Sales QoQ 2nd Est Q1
- 8:30 AM: Jobless Claims 4-week Average MAY/23
- 8:55 AM: Fed Williams Speech
- 10:00 AM: New Home Sales APR
- 12:00 PM: EIA Crude Oil Stocks Change MAY/22
- 12:00 PM: EIA Gasoline Stocks Change MAY/22
- 12:00 PM: EIA Crude Oil Imports Change MAY/22
Notable Earnings:
- Premarket: BURL, DLTR, LI, XPEV, BBY, HRL, PLAB, WB, KSS, BBW
- Postmarket: COST, DELL, ADSK, NTAP, MDB, OKTA, GAP, S, PATH, AMBA
Upgrades/Downgrades
- Oppenheimer upgrades Quanta Services (PWR) to Outperform from Perform
- Jefferies upgrades Dominion (D) to Buy from Hold
- BofA upgrades Agilent (A) to Buy from Neutral
- Barclays downgrades PDD Holdings (PDD) to Equal Weight from Overweight
- Wells Fargo downgrades Boston Scientific (BSX) to Equal Weight from Overweight
- Argus downgrades Electronic Arts (EA) to Hold from Buy
