U.S. stock futures are down about 0.5% in premarket trading and oil rallied as sentiment turned negative on fears of escalation in Israel’s war with Iran after U.S. President Trump played down the likelihood of a ceasefire.

The conflict between Israel and Iran continued and Trump left the Group of Seven leaders’ meeting in Canada early to deal with the rising tensions.

Along with conflict in the Middle East, investor focus will turn to the Fed which begins their meeting today. There is no expectations on any interest rate change at the meeting with traders focused on the Summary of Economic Projections (SEP) for any changes to expectations.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices climbed nearly 2% near $71.50 a barrel as Iran-Israel tension intensified and U.S. President Donald Trump urged “everyone” to evacuate Tehran, increasing the prospect of deepening unrest in the region and disruption to oil supply.
• Gold (/GC) – Gold prices are relatively flat near $3415 as heightened geopolitical uncertainty stemming from Israel-Iran fighting and U.S. President Donald Trump’s call to evacuate Tehran led investors to seek safe-haven assets.
• Bitcoin (/BTC) – The Crypto Future is down over 2.5% near $105.7K in the premarket.
• VIX – The CBOE Volatility Index has jumped over 6% to 20.3 with stocks under pressure.
• U.S. Dollar (/DX) – The dollar is about flat at 97.6.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Lennar (LEN): +1.84%
2. Jabil (JBL): +1.32%
3. Devon Energy (DVN): +1.16%

1. Enphase Energy (ENPH): -19.68%
2. First Solar (FSLR): -16.70%
3. T-Mobile U.S. (TMUS): -4.32%

Economic Data

• 8:30AM ET: Retail Sales, Import/Export Prices
• 9:15AM ET: Industrial Production
• 10:00AM ET: Business Inventories, Housing Market Index

Notable Earnings

• Premarket: JBL
• Postmarket: LZB
• Premarket Tomorrow: ACB, GMS, KFY
• Postmarket Tomorrow: SWBI

Upgrades/Downgrades

• Loop Capital upgrades Roku (ROKU) to Buy from Hold
• UBS upgrades Alkermes (ALKS) to Buy from Neutral
• Needham upgrades Cooper Companies (COO) to Buy from Hold
• Raymond James downgrades Nutrien (NTR) to Market Perform 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.