U.S. stock futures are lower in premarket trading with chipmakers lower, as traders weighed the latest tensions in the Middle East and braced for a slew of corporate earnings reports due this week.

Semiconductor names were under pressure ahead of the market open with SK Hynix (SKHY) down overseas.

Iran and the U.S. again traded airstrikes over the weekend, with Tehran targeting U.S. facilities in multiple Gulf countries and declaring the Strait of Hormuz closed. However, President Donald Trump disputed the claim on Sunday, saying the key waterway was open to commercial traffic. Crude prices are up more than 3% near $73.86 per barrel.

Investor focus will be on earnings and inflation data this week with the major financial companies reporting beginning on Tuesday morning.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil prices are up more than 3% to near $73.86 per barrel
• Gold (/GC) – Gold futures are down roughly 1% to near 4069.50
• Bitcoin (/BTC) – The cryptocurrency futures are down roughly 1.6% to a recent 63,045
• VIX – The CBOE Volatility Index jumped nearly 9% to 16.37
• U.S. Dollar ($DXY) – The dollar is down 0.04% to 100.913

Biggest Premarket Movers (as of 8 AM ET)

Advancers

• MGM Resorts International (MGM) 2.41%
• The Trade Desk (TTD) 1.74%
• Occidental Petroleum (OXY) 1.68%
• Humana (HUM) 1.47%
• APA Corp. (APA) 1.41%

Decliners

• Sandisk Corp. (SNDK) -5.01%
• Western Digital Corp. (WDC) -4.71%
• Micron Technology (MU) -4.45%
• Applied Materials (AMAT) -3.60%
• Seagate Technology Holdings (STX) -3.33%

Economic Data (ET)

• 11:30 AM: 3 and 6-Month Bill Auctions
• 12:30 PM: Fed Governor Christopher Waller Speaks
• 2:00 PM: Treasury Statement

Notable Earnings

• Premarket: n/a
• Postmarket: AERO, FBK
• Premarket Tomorrow: BAC, C, ERIC, FAST, GS, JPM, WFC
• Postmarket Tomorrow: n/a

Upgrades/Downgrades

• HSBC upgrades Capital One Financial (COF) to Buy from Hold
• JPMorgan upgrades American Express (AXP) to Overweight from Neutral
• Goldman Sachs upgrades Nio (NIO) to Buy from Neutral
• HSBC downgrades AstraZeneca (AZN) to Hold from Buy
• BofA downgrades Papa John's International (PZZA) to Underperform from Neutral
• Keefe Bruyette downgrades Sezzle (SEZL) to Market Perform from Outperform

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