Equities were showing little change this morning after edging to new all-time highs Wednesday, with all four equity futures increasing modestly.

Crude oil futures (/CL) continue to fall with a -3.95% decline as traders continue to weigh the likelihood of peace between the U.S. and Iran. Yesterday, Axios reported that the two countries were closer to ending the conflict. Arm Holdings (ARM) is down -9% after closing near its all-time highs yesterday, with the computer chip maker saying it lacks the supply necessary to meet surging demand.

Meanwhile, Datadog (DDOG) is up +30.69% despite mixed earnings results from the cybersecurity company. Traders can look toward earnings from Coinbase (COIN), Microchip Technology (MCHP), Gilead Sciences (GILD), Cloudflare (NET), McKesson (MCK), Airbnb (ABNB), and more after today’s closing bell. Meanwhile, economic data due out today includes Jobless Claims and Construction Spending.

Snapshot (as of 7 AM ET)

• Gold (/GC): Gold is up +1.02% near 4,743.2, setting the stage for a third day of gains off the lows near 4,510 on May 4 for a 5.2% rally so far.
• Bitcoin (/BTC): Bitcoin is down -0.59% at about 81,230, after yesterday’s -0.29% decline broke a four-day winning streak.
• CBOE Vol. Index (VIX): The VIX is near 17.47, with little net change from the past two trading days which closed at 17.39 and 17.38.
• U.S. Dollar (/DX): The dollar is down -0.12% around 97.75, after yesterday’s sharp downside move pulled back from the lows for a -0.48% loss.
• Crude Oil (/CL): Oil is down -3.90% at roughly 91.32, on pace for a third day of losses punctuated by yesterday’s severe downside move of -6.3% on optimism about diplomatic progress in the U.S.-Iran war.

Biggest Premarket Movers (as of 8 AM ET)

DATADOG INC (DDOG): +30.69%

FORTINET INC (FTNT): +16.19%

PTC INC (PTC): +8.58%

GRAINGER (GWW): +8.56%

ALBEMARLE (ALB): +8.05%

ZOETIS INC Class A (ZTS): -21.78%

TAPESTRY INC (TPR): -6.95%

STERIS PLC (STE): -2.81%

COHERENT CORP (COHR): -4.83%

APA CORP (APA): -5.59%

Economic Data

5:30 AM ET: Challenger Job Cuts YoY

8:30 AM ET: Initial Jobless Claims, Prelim Nonfarm Productivity, Prelim Unit Labor Costs

10:00 AM ET: Construction Spending

10:30 AM ET: Natural Gas Storage

2:00 PM ET: Fed’s Kashkari Speaks

2:05 PM ET: Fed’s Hammack Speaks

3:00 PM ET: Consumer Credit

3:30 PM ET: Fed’s Williams Speaks

Notable Earnings

Premarket: SHEL, MCD, HWM, LNG, DDOG, ZTS, TPR, U, CELH

Postmarket: GILD, MCK, MELI, ABNB, NET, MNST, MSI, CRWV, COIN, MCHP, RKLB, XYZ, RKT, EXPE, AFRM, AKAM, TOST, WMG, NWS, HUBS, DKNG, TTD, WYNN, TXRH, DBX, LYFT

Premarket Tomorrow: ENB, WULF, FLR, WEN

Postmarket Tomorrow: None

Upgrades/Downgrades

• BMO Capital upgrades Prologis (PLD) to Outperform from Market Perform
• Wells Fargo upgrades United Therapeutics (UTHR) to Overweight from Equal Weight
• Barclays upgrades Transocean (RIG) to Overweight from Equal Weight
• Macquarie downgrades PayPal (PYPL) to Neutral from Outperform
• KeyBanc downgrades Angi Inc (ANGI) to Sector Weight from Overweight
• Guggenheim downgrades Portillo’s (PTLO) to Neutral from Buy

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