U.S. stock futures are relatively flat in premarket trading as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher. President Donald Trump on Saturday scrapped plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan for ceasefire talks related to Iran, noting the negotiations could happen by phone.

The moves come after the benchmark S&P 500 (SPX) and Nasdaq-100 (NDX) settled at record highs on Friday as traders focused on better than expected earnings. Geopolitical tensions remain front and center heading into the busiest week for earnings, including results from five of the Mag 7 companies.

Investors will also focus on Wednesday’s FOMC meeting, which could be Fed Chair Powell’s last press conference. The Department of Justice decided to drop its criminal probe into Powell on Friday, causing Sen. Thom Tillis to end his block of Kevin Warsh’s confirmation. 

Snapshot (as of 7 AM ET)

• Crude Oil (/CL): Oil prices are up nearly 2% over $96 a barrel as plans for a second round of peace negotiations between the U.S. and Iran unraveled again. President Donald Trump on Saturday canceled plans to send U.S. envoy Steve Witkoff and Jared Kushner to Islamabad, Pakistan, for negotiations with Iran.
• Gold (/GC): Gold futures are down 0.5% near $4720, and had its first weekly loss ​in the last five, ​as lingering inflation concerns and ​the uncertain state of the U.S.-Iran war kept markets on edge. 
• Bitcoin (/BTC): The Crypto Future is relatively flat near 78,000 in premarket trading – nearly 2-month highs.
• CBOE Vol. Index (VIX): The CBOE Volatility Index was down 3.1% on Friday and settled at 18.71 as stocks were higher.
• U.S. Dollar (/DX): The greenback is down -0.29% at about 98.25 to start the week.

Biggest Premarket Movers (as of 7 AM ET)

QUALCOMM (QCOM): +11.25%

MICRON TECHNOLOGY (MU): +3.28%

VERIZON (VZ): +3.08%

SANDISK (SNDK): +2.49%

WESTERN DIGITAL (WDC): +2.23%

DOMINOS PIZZA (DPZ): -4.85%

THE CAMPBELL'S CO (CPB): -1.60%

PALANTIR (PLTR): -1.60%

ADOBE (ADBE): -1.53%

GARTNER INC (IT): -1.36%

Economic Data

10:30 AM ET: Dallas Fed Mfg. Survey 

11:30 AM ET: 2-Year Note Auction 

1:00 PM ET: 5-Year Note Auction

Notable Earnings

Premarket: ACMR, DPZ, VZ

Postmarket: AMKR, AVB, BBBY, BRO, CDNS, CR, CCK, LC, NE, NOV, NUE, PSA, SANM, UHS, VTR

Premarket Tomorrow: AB, AMT, AIT, AVY, BP, CNC, KO, GLW, ECL, GM, GLXY, HRI, HLT, INCY, JBLU, KMB, NVS, PCAR, PNR, PII, SHW, SFD, SPOT, SYY, TRU, UPS, XYL, ZBH

Postmarket Tomorrow: BE, BKNG, BXP, CZR, CSGP, ENPH, EQR, FFIV, FE, IR, MDLZ, NBR, NXPI, OI, OMC, OKE, PPG, HOOD, STX, ST, SBUX, TMUS, TER, V, WELL, WERN, WM

Upgrades/Downgrades

• Mizuho upgrades CrowdStrike (CRWD) to Outperform from Neutral
• Arete upgrades Fortinet (FTNT) to Buy from Neutral
• Redburn Atlantic upgrades Snap (SNAP) to Buy from Neutral
• Northland downgrades AMD (AMD) to Market Perform from Outperform
• Mizuho downgrades Adobe (ADBE) to Neutral from Outperform
• BNP Paribas downgrades GE Vernova (GEV) to Neutral from Outperform

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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.