U.S. stock futures are sharply higher and extending last week’s gains after President Donald Trump announced that an agreement had been reached to end the war between the U.S. and Iran.

Trump said late Sunday on social media that the deal with Iran was “now complete.” Pakistan Prime Minister Shehbaz Sharif said an official signing ceremony would take place on Friday in Switzerland. The President also said the blockade for the Strait of Hormuz was lifted, which sent oil futures down 5% to near $80 per barrel for the U.S. benchmark — the lowest level in 2 months.

The positive equity moves come after gains last week in volatile trading. SpaceX (SPCX) shares are higher this morning after rising 19% after its IPO on Friday. Investor focus this week will be on housing data, Retail Sales and Wednesday’s Federal Reserve decision.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Light Sweet Crude Oil futures are down more than 5% to $80.51 per barrel
• Gold (/GC) – Gold futures are up 2.8% to 4,357.2
• Bitcoin (/BTC) – The cryptocurrency futures are up nearly 4% to 66,175
• VIX – The CBOE Volatility Index has declined nearly 6% to a recent 16.64
• U.S. Dollar (/DX) – The dollar index is down 0.23% to 29,635

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Micron Technology Inc (MU) 7.83%
• Seagate Technology Holdings Plc (STX) 7.44%
• Western Digital Corp (WDC) 6.76%
• Sandisk Corp (SNDK) 6.67%
• Coinbase Global Inc A (COIN) 5.30%

Decliners:

• Fox Corp B (FOX) -9.69%
• Occidental Pete Corp (OXY) -3.70%
• Devon Energy Corp (DVN) -3.64%
• Apa Corp (APA) -3.30%
• Eog Resources Inc (EOG) -3.19%

Economic Data (ET)

• 08:30 AM: NY Empire State Manufacturing Index
• 09:15 AM: Industrial Production
• 10:00 AM: NAHB Housing Market Index

Notable Earnings

• Premarket (Today): None
• Postmarket (Today): Dave & Buster’s Entertainment (PLAY), Domo Inc (DOMO), Quantum Corp (QMCO)
• Premarket (Tomorrow): Uxin Ltd (UXIN), John Wiley & Sons (WLY)
• Postmarket (Tomorrow): La-Z-Boy Inc (LZB)

Upgrades/Downgrades

• Truist upgrades Datadog (DDOG) from Hold to Buy
• KeyBanc upgrades Rocket Lab (RKLB) from Sector Weight to Overweight
• Citi upgrades Paychex (PAYX) from Neutral to Buy
• Morgan Stanley downgrades Accenture (ACN) from Overweight to Equal Weight
• Baird downgrades Roku (ROKU) from Outperform to Neutral
• Stifel downgrades MGM Resorts (MGM) and Caesars (CZR) from Buy to Hold

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.