U.S. stock futures are relatively flat ahead of the Wall Street open as investors anticipate the S&P 500 will reach its all-time high from February.

The benchmark SPX is only 0.9% off its record intra-day high and the Nasdaq-100 (NDX) settled at a record closing high and is only 0.14% below its intra-day high.

Traders are optimistic the Iran-Israel ceasefire will hold as risk appetite continues to strengthen.

Investors will focus on another day of Fed Chair Powell testimony today and New Home Sales data.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up about 0.7% near $64.80 a barrel and firming after plummeting in the last two sessions as investors assessed the stability of a ceasefire between Iran and Israel. Crude futures are down 12% this week and are near two-week lows on the de-escalation in the Middle East. API reports that crude inventories fell 4.277M barrels last week. Gasoline inventories rose 764,000 barrels.
• Gold (/GC) – Gold prices are up 0.2% near $3340 after falling 2% yesterday to hit an over two-week low as the announcement of a ceasefire between Iran and Israel dented safe-haven demand for bullion.
• Bitcoin (/BTC) – The Crypto Future is up around 1.5% near 107.3K in the premarket.
• VIX – The CBOE Volatility Index fell 11.8% on Tuesday and settled at 17.48 as stocks rallied.
• U.S. Dollar (/DX) – The dollar is up 0.25% to 97.7.

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

1. Coinbase (COIN): +2.84%
2. Super Micro (SMCI): +1.94%
3. Yum! Brands (YUM): +1.61%

1. FedEx (FDX): -4.62%
2. General Mills (GIS): -1.93%
3. WEC Energy (WEC): -1.01%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 10:00AM ET: Fed’s Powell Testifies to Senate, New Home Sales
• 10:30AM ET: Oil Inventories
• 1:00PM ET: 5-Year Note Auction

Notable Earnings

• Premarket: GIS, PAYX, WGO
• Postmarket: FUL, JEF, MU, MLKN, SCS, WS
• Premarket Tomorrow: AYI, MKC, WBA
• Postmarket Tomorrow: AOUT, CNXC, NKE

Upgrades/Downgrades

• JPMorgan upgrades Yum! Brands (YUM) to Overweight from Neutral
• Jefferies upgrades Stellantis (STLA) to Buy from Hold
• Goldman Sachs upgrades Kraft Heinz (KHC) to Neutral from Sell

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

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.