Markets Little Changed After Potential Iran War Ceasefire Reports

Equity index futures are little changed after news reports that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. S&P 500 futures (/ES) are up about 0.07% while Russell 2000 futures (/RTY) are down -0.10%.

Other outlets also reported the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, although the chances for reaching a partial deal before the Tuesday deadline were slim.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 1% near $110 a barrel in volatile trading Monday after U.S. crude briefly topped $115, as President Donald Trump gave Iran until Tuesday to open the Strait of Hormuz or face attacks on its power plants and bridges.
• Gold (/GC) – Gold prices are up 0.8% near $4720 as the U.S. dollar and ‌oil prices fell, spurring inflation concerns and bolstering expectations of higher interest rates.
• Bitcoin (/BTC) – The Crypto Future is up 4% near 70,000 in premarket trading.
• VIX – The CBOE Volatility Index was down 2.7% on Thursday and settled at 23.87 as stocks rallied off of lows.
• U.S. Dollar (/DX) – The dollar is down -0.08% near 99.78, continuing a sideways grind since mid-March.

Biggest Premarket Movers (as of 7 AM ET)

1. Micron Technology (MU): +3.23%
2. Sandisk (SNDK): +3.02%
3. Coinbase (COIN): +2.95%
4. Seagate Technology (STX); +2.71%
5. Western Digital (WDC): +2.55%

1. LyondellBasell (LYB): -3.64%
2. Dow Inc. (DOW): -2.42%
3. Carvana (CVNA): -1.56%
4. Las Vegas Sands (LVS): -1.09%
5. Occidental Petroleum (OXY): -1.06%

Economic Data

• 10:00 AM ET: ISM Services Index
• 11:30 AM ET: 3 and 6-Month Bill Auctions

Notable Earnings

• Premarket: N/A
• Postmarket: N/A
• Premarket Tomorrow: N/A
• Postmarket Tomorrow: GBX, LEVI

Upgrades/Downgrades

• Goldman Sachs upgrades Netflix (NFLX) to Buy from Neutral
• Jefferies upgrades Twilio (TWLO) to Buy from Hold
• Barclays upgrades Rocket Companies (RKT) to Overweight from Equal Weight
• Bank of America downgrades Carvana (CVNA) to Neutral from Buy
• Bank of America downgrades Dow Inc. (DOW) to Underperform from Neutral
• Bank of America downgrades LyondellBasell (LYB) to Underperform from Neutral

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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.