U.S. Stocks Lower as Oil Price Spikes

U.S. stock futures are lower ahead of the Wall Street open as higher oil prices and yields pressure equities.
The moves come after modest losses on Wednesday as the S&P 500 (SPX) and Nasdaq-100 (NDX) fell from Tuesday’s record highs. Higher oil prices and yields are pressuring stocks this morning.
Crude prices are up more than 4% to about $92 a barrel. President Donald Trump and his national security team have talked about possibly restarting large-scale U.S. military operations in Iran in the coming weeks, according to NBC News. Iran-backed Houthis recently have been targeting Saudi Arabia, and Tehran has also been attacking tankers in the Strait of Hormuz, also supporting oil prices
The benchmark 10-year yield is up 5 basis points near 5.33%, which is near yesterday’s 24-year highs. Investor focus will remain on oil and yields today along with Jobless Claims
Snapshot
- Oil (/CL) – Oil futures are up 4.4% to $92.15 per barrel
- Gold (/GC) – Gold futures are up 0.17% to $4,148.10 per ounce
- Bitcoin (/BTC) – The cryptocurrency futures are down 1.17% to 82,640
- VIX (/VIX) – The CBOE Volatility Index is up 4.58% to 15.77
- U.S. Dollar ($DXY) – The dollar index is up 0.16% to 102.399
Big Premarket Movers
Advancers
- APA Corp (APA) 2.85%
- LyondellBasell Industries (LYB) 2.58%
- Palantir Technologies (PLTR) 2.33%
- Occidental Petroleum (OXY) 2.32%
- ConocoPhillips (COP) 2.05%
Decliners
- Lumentum Holdings (LITE) -3.25%
- Coherent (COHR) -3.01%
- Sherwin-Williams (SHW) -2.70%
- NXP Semiconductors (NXPI) -2.64%
- Corning (GLW) -2.60%
Economic Data (ET)
- 4:30 AM: Fed’s Waller Speaks
- 8:30 AM: Jobless Claims
- 10:30 AM: EIA Natural Gas Inventories
- 10:40 AM: Fed’s Kashkari Speaks
- 1:00 PM: 30-Year Bond Auction
- 1:40 PM: Fed’s Musalem Speaks
- 4:30 PM: Fed Balance Sheet
Notable Earnings
- Premarket: HELE, PEP, TLRY
- Postmarket: N/A
- Premarket Friday: DAL
- Postmarket Friday: N/A
Upgrades/Downgrades
Upgrades:
- Goldman Sachs upgrades Palantir Technologies (PLTR) from Neutral to Buy
- Jefferies upgrades Royal Caribbean Group (RCL) from Hold to Buy
- Melius Research upgrades Cava Group (CAVA) from Hold to Buy
- Raymond James upgrades Unity Software (U) from Market Perform to Outperform
- Oppenheimer upgrades Global Payments (GPN) from Perform to Outperform
- Citi upgrades Ryder System (R) from Neutral to Buy
- Truist upgrades Booz Allen Hamilton (BAH) from Hold to Buy
- KeyBanc upgrades Generac Holdings (GNRC) from Sector Weight to Overweight
- Deutsche Bank upgrades Trex Company (TREX) from Hold to Buy
Downgrades:
- Citi downgrades NXP Semiconductors (NXPI) from Buy to Neutral
- Erste Group downgrades Morgan Stanley (MS) from Buy to Hold
- Mizuho downgrades Phillips 66 (PSX) and Delek US Holdings (DK) from Outperform to Neutral
- JPMorgan downgrades Leidos Holdings (LDOS) from Overweight to Neutral
- HSBC downgrades Constellation Brands (STZ) from Buy to Hold
- JPMorgan downgrades HubSpot (HUBS) from Overweight to Neutral
Featured Clips
Ted Thatcher on Bull Case for Stocks Despite Treasury Yield Spike, Crude Oil Pressures
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