U.S. stock futures are lower ahead of the Wall Street open as oil prices rally to six-week highs above $90 a barrel amid escalating conflict in the Middle East.

Investors also weighed fresh earnings and artificial intelligence spending concerns, with Alphabet (GOOGL), Tesla (TSLA) and Texas Instruments (TXN) all down, creating headwinds this morning after posting results.

Crude prices soared overnight after Yemen’s Tehran-backed Houthi militant group claimed attacks on two Saudi Arabian tankers in the Red Sea. This fueled concerns about an expansion of the conflict in the Middle East and comes after U.S. President Donald Trump threatened to bomb Iranian infrastructure Tuesday. Geopolitical tensions will continue to be in focus today along with any fallout from corporate earnings.

Snapshot (as of 8 AM ET)

• Oil (/CL) – U.S. oil futures are up 4.5% to $90.74 per barrel
• Gold (/GC) – Gold futures are down 1.59% to 4,085.7 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.67% to 65,565
• VIX (/VIX) – The CBOE Volatility Index spiked nearly 9% to 18.12
• U.S. Dollar ($DXY) – The dollar index is up 0.16% to 101.284

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Allegion (ALLE) 10.40%
• United Rentals (URI) 7.24%
• West Pharmaceutical Services (WST) 6.07%
• Quest Diagnostics (DGX) 5.33%
• Lockheed Martin (LMT) 5.18%

Decliners:

• Rollins (ROL) -16.26%
• Tesla (TSLA) -6.73%
• Dover (DOV) -5.37%
• Alphabet (GOOGL) -4.87%
• T-Mobile US (TMUS) -4.42%

Economic Data (ET)

• 8:30 AM: Jobless Claims
• 8:30 AM: Chicago Fed National Activity Index
• 10:30 AM: EIA Natural Gas Inventories
• 11:00 AM: Kansas City Manufacturing Index
• 4:30 PM: Fed Balance Sheet

Notable Earnings

• Premarket: ACI, AAL, AMP, BX, BFH, CX, CLF, CMCSA, DOV, DOW, FCX, HOG, HON, HBAN, INFY, LMT, MBLY, NDAQ, NOK, NSC, PCG, DGX, ROP, RTX, R, STM, TMUS, TECK, TMO, TSCO, UNP, VC
• Postmarket: SAM, BYD, DECK, DLR, EW, HIG, INTC, NEM, RNG, RHI, SAP, SKYW, VRSN
• Premarket Friday: AXP, BAH, CNI, CHTR, HCA, LW, NEE, SLB, THC, VZ
• Postmarket Friday: n/a

Upgrades/Downgrades

• Deutsche Bank upgrades JPMorgan (JPM) to Buy from Hold
• Wolfe Research upgrades AT&T (T) to Outperform from Peer Perform
• KeyBanc upgrades Duke Energy (DUK) to Overweight from Sector Weight
• Deutsche Bank downgrades PNC Financial (PNC) and M&T Bank (MTB) to Hold from Buy
• Truist downgrades Norwegian Cruise Line (NCLH) to Hold from Buy
• William Blair and Loop Capital downgrade Pegasystems (PEGA) to Market Perform from Outperform, and Sector Weight from Overweight, respectively

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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.