U.S. stock futures are falling sharply in premarket trading after President Donald Trump indicated that the Iran war would continue, sending oil prices higher. Trump delivered an address Wednesday night, providing updates on the Middle East conflict. Though he said that the U.S. is “getting very close” to ending the Iran war, Trump added that the nation would “hit” Tehran “extremely hard.”

The comments also led to an 10% surge in oil prices this morning, which is pressuring stocks. The moves come after two consecutive days of gains on optimism that the conflict with Iran would end soon. Investors will focus on headline news today along with data. Markets are closed on Friday for the Easter holidays.   

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil futures are spiking 10% near $110 a barrel in volatile trading as U.S. President Donald Trump warned of further military aggression against Iran in the next two to three weeks, dampening hopes for an imminent de-escalation in the conflict.
• Gold (/GC) – Gold prices reversed from gains yesterday to fall 4% near $4650 today, snapping a four-day winning streak, after U.S. President Donald Trump said the United States would continue the war in Iran over the coming weeks.
• Bitcoin (/BTC) – The Crypto Future is down around 3% near 66,500 in premarket trading.
• VIX – The CBOE Volatility Index was down 2.8% on Wednesday and settled at 24.54 as stocks were higher. The VIX is up 12% this morning as stocks are selling off.
• U.S. Dollar (/DX) – The dollar is up over 0.5% to 100.1.

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

1. APA Corp. (APA): +4.11%
2. Occidental Petroleum (OXY): +3.66%
3. Devon Energy (DVN): +3.42%
4. Coterra Energy (CTRA): +3.18%
5. LyondellBasell (LYB): +3.15%

1. Lumentum (LITE): -6.29%
2. SanDisk (SNDK): -5.74%
3. Micron (MU): -5.40%
4. Coherent (COHR): -5.37%
5. Corning (GLW): -5.18%

Economic Data

• 8:30 AM ET: Jobless Claims, Intl. Trade in Goods/Services
• 10:15 AM ET: Fed’s Logan Speaks
• 10:30 AM ET: Natural Gas Inventories

FRIDAY

• 8:30 AM ET: March Jobs Report

Notable Earnings

• Premarket: AYI, LYNN
• Postmarket: None
• Premarket Monday: None
• Postmarket Monday: None

Upgrades/Downgrades

• KeyBanc upgrades Brinker (EAT) to Overweight from Sector Weight
• B. Riley upgrades Martin Marietta (MLM) to Buy from Neutral
• Piper Sandler upgrades Wingstop (WING) to Overweight from Neutral
• Baird downgrades Akamai (AKAM) to Neutral from Outperform
• KeyBanc downgrades Dine Brands (DIN) to Sector Weight from Overweight
• UBS downgrades Wix.com (WIX) to Neutral from Buy

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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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.