Stocks Rebound on U.S.-Iran War Headlines
U.S. stock futures are higher in premarket trading in a rebound from yesterday’s selloff as the U.S. announced it has completed overnight strikes against Iran.
On Wednesday, the S&P 500 and Nasdaq-100 settled at one-month lows on news that the U.S. launched more “self-defense strikes” against Iran.
On the corporate front, shares of Oracle (ORCL) are down about more than 4% premarket despite an earnings beat after the close on Wednesday. The software giant’s shares are under pressure after it announced plans to raise an additional $20 billion in equity and debt to pay for its artificial intelligence buildout.
Investor focus will be on headline geopolitical risks and economic data today. The May PPI is due this morning after yesterday’s CPI data met expectations with year over year headline inflation at 3-year highs of 4.2%.
Snapshot (as of 8 AM ET)
- Oil (/CL) – U.S. benchmark oil futures are down more than 1% to 88.97
- Gold (/GC) – Gold is down 0.7% to 4,104.60
- Bitcoin (/BTC) – The cryptocurrency futures are up nearly 2% to 63,110
- VIX – The CBOE Volatility Index is down nearly 7% to 20.70
- U.S. Dollar (/DX) – The U.S. dollar index is up 0.11% to 100.052
Biggest S&P 500 Premarket Movers (as of 8 AM ET)
Gainers:
- Intel Corp (INTC) 5.42%
- Applied Materials Inc (AMAT) 4.83%
- Sandisk Corp (SNDK) 4.61%
- Lam Research Corp (LRCX) 4.44%
- On Semiconductor Corp (ON) 4.38%
Decliners:
- Oracle Corp (ORCL) -8.58%
- Keurig Dr Pepper Inc (KDP) -2.21%
- The Coca-Cola Co (KO) -0.65%
- Salesforce Inc (CRM) -0.60%
- Constellation Brands Inc (STZ) -0.56%
Economic Data (ET)
- 8:15AM: ECB Rate Announcement
- 8:30AM: Jobless Claims
- 8:30AM: PPI
- 10:30AM: Natural Gas Inventories
- 1:00PM: 30-Year Bond Auction
- 4:30PM: Fed Balance Sheet
Notable Earnings
- Premarket: ACB, LOVE, VRA
- Postmarket: ADBE, LEN, RH
- Premarket Friday: None
- Postmarket Friday: None
Upgrades/Downgrades
- BofA upgrades Intel (INTC) from Underperform to Buy
- Jefferies upgrades General Dynamics (GD) from Hold to Buy
- Rothschild & Co Redburn upgrades CME Group (CME) from Neutral to Buy
- MoffettNathanson downgrades Chewy (CHWY) from Buy to Neutral
This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.
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