Markets Point to Lower Open as Oil Spikes
PUBLISHED | 2 min read
Markets are pointing toward a lower open to close out the week, with the tech-heavy Nasdaq 100 futures (/NQ) show a more than -1.3% loss in early trading.
Oil prices are higher after President Trump said China has agreed to buy oil from the U.S. but details of any such deal are unclear. Bond yields are moving higher sending gold (/GC) down -2.5%, as inflation fears mount and the prospect of interest rate cuts gets more difficult. Applied Materials (AMAT) is little changed despite strong earnings
Snapshot (as of 7 AM ET)
- Oil (/CL) – Oil futures are higher up +3.21% to $100.02
- Gold (/GC) – Gold futures are lower -2.8% to $4,560.20
- Bitcoin (/BTC) – The cryptocurrency is lower -1.34% to 80,515
- VIX – The CBOE Volatility Index futures are higher
- U.S. Dollar (/DX) – U.S. Dollar Index futures are higher
Biggest Premarket Movers (as of 8:30 AM ET)
(Winners)
- DEXCOM INC (DXCM) 5.52%
- SERVICENOW INC (NOW) 1.56%
- FIRSTENERGY CORP (FE) 1.46%
- C H ROBINSON WORLDWIDE INC (CHRW) 0.79%
- INTUIT INC (INTU) 0.67%
(Losers)
- COHERENT CORP (COHR) -4.97%
- FREEPORT-MCMORAN INC (FCX) -4.75%
- INTEL CORP (INTC) -4.60%
- CORNING INC (GLW) -4.39%
- LUMENTUM HOLDINGS INC (LITE) -3.93%
Economic Data (Time (ET)
- 8:30 AM: NY Empire State Manufacturing Index MAY
- 9:15 AM: Industrial Production MoM APR
- 1:00 PM: Baker Hughes Oil Rig Count MAY/15
Notable Earnings
- Premarket Monday: BIDU, IQ
- Postmarket Monday: None
Upgrades/Downgrades
- HSBC upgrades Cisco to Buy from Hold
- Raymond James upgrades Arista Networks to Outperform from Market Perform
- TD Cowen upgrades FirstEnergy to Buy from Hold
- BWG Global downgrades Workday to Negative from Mixed
- JPMorgan downgrades Allegion to Neutral from Overweight
- CFRA downgrades Amdocs to Sell from Hold
