U.S. stock futures are higher in premarket trading while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon.

The moves came after an unconfirmed report said that Iranian President Masoud Pezeshkian was open to ending the war with guarantees. This sent stocks sharply higher and they had their best day since last May. Despite the gains on Tuesday, the benchmark S&P 500 had its worst month since 2022.

Investors will get more clues on the path forward for the U.S.-Iran war Wednesday at 9 p.m. ET, with Trump set to deliver an address “to the nation to provide an important update.” Traders will also focus on economic data with ADP, delayed Retail Sales and Manufacturing numbers due this morning.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Crude prices are down 2.5% near $98.50 a barrel in volatile trading, at one point dropping more than 4%, as investors weighed U.S. President Donald Trump’s willingness to exit the Iran conflict within weeks, even as the Strait of Hormuz remains largely closed.
• Gold (/GC) – Gold prices are up over 2% near $4790 and hit their highest in nearly two weeks, supported by a weaker dollar as U.S. President Donald Trump said the war with Iran could wind down within two to three weeks.
• Bitcoin (/BTC) – The Crypto Future is up 1% near 68,700 in premarket trading.
• VIX – The CBOE Volatility Index was down 17.5% on Tuesday and settled at 25.25 as stocks rallied.
• U.S. Dollar (/DX) – The dollar is down 0.5% to 99.2.

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

1. Lumentum (LITE): +4.45%
2. Newmont (NEM): +3.88%
3. Ciena (CIEN): +3.26%
4. Western Digital (WDC): +3.15%
5. SanDisk (SNDK): +3.09%

1. Nike (NKE): -10.60%
2. Occidental Petroleum (OXY): -3.75%
3. APA Corp. (APA): -2.69%
4. EOG Resources (EOG): -2.47%
5. Coterra Energy (CTRA): -2.11%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:15 AM ET: ADP Employment Report
• 8:30 AM ET: Retail Sales (Delayed)
• 9:05 AM ET: Fed’s Musalem Speaks, Fed’s Barr Speaks
• 9:45 AM ET: PMI Manufacturing (Final)
• 10:00 AM ET: ISM Mfg. Index, Business Inventories (Delayed)
• 10:30 AM ET: Oil Inventories

Notable Earnings

• Premarket: CAG, LW, MSM, NG, TLRY, UNF
• Postmarket: None
• Premarket Tomorrow: AYI, LYNN
• Postmarket Tomorrow: None

Upgrades/Downgrades

• HSBC upgrades Wells Fargo (WFC), Bank of America (BAC) to Buy from Hold
• Raymond James upgrades Walt Disney (DIS) to Outperform from Market Perform
• Raymond James upgrades UnitedHealth (UNH) to Outperform from Market Perform
• JPMorgan downgrades Nike (NKE) to Neutral from Overweight
• BofA downgrades Nike (NKE) to Neutral from Buy
• Citi downgrades PPG (PPG) to Neutral from Buy

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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