U.S. stock futures are mixed in premarket trading amid uncertainty that the U.S. and Iran will come to a lasting resolution to the Middle East conflict in the near term.

Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S until several conditions are met. Oil prices are higher above $79 per barrel this morning after falling nearly 10% last week.

The moves come after the three major indices had their best week since April and the S&P 500 (SPX) settled at a record high closing price on Friday. Investor focus this week will be on inflation data with the July CPI due on Wednesday and PPI on Thursday. Earnings season is winding down but some high level earnings from Cisco (CSCO), CoreWeave (CRWV), Super Micro (SMCI) and Applied Materials (AMAT) are due this week.

Snapshot (as of 7:30 AM ET)

• Oil (/CL) – Oil futures are up 1.27% to $79.23 per barrel
• Gold (/GC) – Gold futures are down 0.08% per ounce to 4,396.40
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.07% to 65,220
• VIX (/VIX) – The CBOE Volatility Index is up 3.62% to 15.44
• U.S. Dollar ($DXY) – The dollar index is up 0.18% to 99.717

Biggest Premarket Movers (as of 7:30 AM ET)

Advancers:

• Vertex Pharmaceuticals (VRTX) 6.84%
• Hewlett Packard Enterprise (HPE) 5.69%
• Lumentum Holdings (LITE) 4.19%
• Super Micro Computer (SMCI) 3.92%
• Coherent (COHR) 3.13%

Decliners:

• Verisk Analytics (VRSK) -6.16%
• The Trade Desk (TTD) -2.10%
• Palantir Technologies (PLTR) -1.63%
• Apple (AAPL) -1.13%
• Micron Technology (MU) -1.01%

Economic Data (ET)

• 11:30 AM: 3 and 6-Month Bill Auctions

Notable Earnings

• Premarket: B, CRC, FERG, MNDY, RDNT
• Postmarket: ACM, ALC, ACHR, ASTS, BZH, HIMS, IHRT, PLUG, QUBT, RKLB, SPG, UPWK
• Premarket Tuesday: ARMK, CAH, HUYA, ONON, RXT, SE, TME, VG
• Postmarket Tuesday: CAVA, CRWV, FLY, HRB, LITE, SMCI

Upgrades/Downgrades

• Freedom Broker upgrades Qualcomm (QCOM) from Hold to Buy
• Morgan Stanley upgrades Hewlett Packard Enterprise (HPE) from Equal Weight to Overweight
• Morgan Stanley upgrades NetApp (NTAP) from Underweight to Equal Weight
• Jefferies downgrades Apple (AAPL) from Hold to UnderperformDA Davidson downgrades Trade Desk (TTD) from Buy to Neutral
• Piper Sandler downgrades Samsara (IOT) from Overweight to Neutral

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