U.S. stock futures are slightly lower in premarket trading after combat resumed between the U.S. and Iran for the first time since July.

Over the weekend, the U.S. struck two rocket launchers on Iran’s Larak Island and Iranian state media reported that Tehran had attacked U.S. bases in Jordan in retaliation, according to reports. In addition, President Donald Trump announced a deal with Venezuela for 65 billion barrels of oil. Oil prices are up roughly 3.5% to near $86.35 a barrel after the hostilities resumed.

The three major indices recorded modest gains last week with the outlier small-cap Russell 2000 (RUT) falling 1.5%. Despite volatility over the last couple of weeks, August wraps up today with solid monthly gains. The S&P 500 (SPX) is up 3% this month while the tech-heavy Nasdaq-100 (NDX) has rallied 4.1% in August. 

 Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up roughly 3.5% to $86.35 per barrel
• Gold (/GC) – Gold futures are down 0.51% to 4,506 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.95% to 78,580
• VIX (/VIX) – The CBOE Volatility Index is up 5.96% to 15.28
• U.S. Dollar ($DXY) – The dollar index is down 0.17% to 99.540

Big Premarket Movers (as of 8 AM ET)

Advancers:

• The Trade Desk (TTD) 3.24%
• Halliburton (HAL) 2.40%
• Chevron (CVX) 2.24%
• Occidental Petroleum (OXY) 1.98%
• Exxon Mobil (XOM) 1.90%

Decliners:

• PG&E (PCG) -16.14%
• Edison International (EIX) -11.64%
• Howmet Aerospace (HWM) -3.91%
• Moderna (MRNA) -2.49%
• ServiceNow (NOW) -2.07%

Economic Data (ET)

• 10:30 AM: Dallas Fed Manufacturing Survey 
• 11:30 AM: 3- and 6-Month Bill Auctions 

Notable Earnings

• Premarket: SAIC
• Postmarket: N/A
• Premarket Tuesday: MDT, NIO, SSL
• Postmarket Tuesday: DO, DELL, GTLB, MDB, PANW, SPWH

Upgrades/Downgrades

• Baird upgrades Deere (DE) and CNH Industrial (CNH) from Neutral to Outperform
• Baird upgrades Titan Machinery (TITN) from Neutral to Outperform
• CICC upgrades Estee Lauder (EL) from Market Perform to Outperform
• Wells Fargo, BMO Capital, and Mizuho downgrade PG&E (PCG) from Overweight to Equal Weight, Outperform to Market Perform, and Outperform to Neutral, respectively
• Mizuho downgrades Edison International (EIX) from Outperform to Neutral
• Mizuho downgrades Sempra (SRE) from Outperform to Neutral

Economic/Earnings Calendar

For the full week of economic and earnings data, see: Week Ahead: Big Week for Economic Data and Tech Earnings

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