Conflicting news from the U.S.-Iran war roiled markets to start off this trading week, with all four major equity index futures pointing toward a lower open.

S&P 500 futures (/ES) are down -0.1% while small-cap Russell 2000 futures (/RTY) are down -0.3%. U.S. officials denied reports from Iranian media that the country’s navy attacked a U.S. warship, while crude oil futures (/CL) nonetheless gained over 3% at one point.

GameStop (GME) is once again making headlines after it made a $56B takeover bid for eBay (EBAY), sending both stocks higher. Factory Orders is on the docket for today’s economic data, while a busy earnings season continues with results from Palantir (PLTR), On Semiconductor (ON), Paramount Skydance (PSKY), and Norwegian Cruise Line (NCLH) today.

• Oil (/CL) – Oil is up +1.7% at 103.70 after headlines about the U.S.-Iran war rattled investors, bouncing back from Friday’s -2.8% drop.

• Gold (/GC) – Gold is down -1.5% near 4,573, continuing Friday’s -0.2% slide that closed near 4,580 as price continues to move in a rangebound trajectory.  

• Bitcoin (/BTC) – Bitcoin is up +0.5% at about 79,260, on pace for its third green day in a row after last session’s +1.8% gain and making new relative highs above an old peak from late April.

• VIX – The VIX is higher in early trading near about 18, after a quiet session on Friday that saw little movement and closed at 16.99.

• U.S. Dollar (/DX) – The greenback is up +0.3% at about 98.3 after Friday’s session saw a modest gain of +0.1% but also held on above its previous relative lows from mid-April.

• Fubon upgrades Amazon (AMZN) to Buy from Neutral

• Oppenheimer upgrades Airbnb (ABNB) to Outperform from Perform

• Wedbush upgrades The Trade Desk (TTD) to Neutral from Underperform

• HSBC downgrades AMD (AMD) to Hold from Buy

• Morgan Stanley downgrades Prudential (PRU) to Underweight from Equal Weight

• BofA downgrades Check Point (CHKP) to Neutral from Buy

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