Stock futures are lower to begin Thursday’s trading, with S&P 500 futures (/ES) down about -0.20%. Markets seem to be taking a breather as the major indices remain near all-time highs after President Trump yesterday extended the U.S. ceasefire in the Iran war; however, peace talks seem to be stalling out and the Iranian navy yesterday said they seized two container ships in the Strait of Hormuz.

IBM (IBM) is down about -7.69% and Tesla (TSLA) is down -3.35% after both companies reported earnings, while Texas Instruments (TXN) is up about +9.6%. Today’s economic data includes Initial Jobless Claims and S&P PMI Flash, while earnings on the docket include Intel (INTC) and American Express (AXP).

• Oil  (/CL) – Oil is on the move to the upside, up +0.56% in early trading near 93.65, with yesterday’s close of 92.87 marking a +17.7% rally since Apr. 17.

• Gold  (/GC) – Gold is flat near 4,752, following a +0.41% move yesterday that closed at 4,758.3.

• Bitcoin (/BTC) – The cryptocurrency futures are taking a pause with a -1.44% slide near 77,735 after a +3.61% rally yesterday, marking a nearly +22% rally since Mar. 30 as of yesterday’s close.

• VIX – The VIX is near 19.30 after a muted day yesterday that closed at 18.92 following a spike on Tuesday that hit highs of 20.85.

• U.S. Dollar (/DX) – The greenback is up +0.12% at about 98.71 from yesterday’s +0.24% move, continuing a two-day rally.

• Rothschild & Co Redburn upgrades McDonald’s (MCD) to Neutral from Sell

• BofA upgrades Texas Instruments (TXN) to Buy from Neutral

• B. Riley upgrades Onsemi (ON) to Buy from Neutral

• Morgan Stanley downgrades CSX (CSX) to Underweight from Equal Weight

• HSBC downgrades TE Connectivity (TEL) to Hold from Buy

• Piper Sandler downgrades Investar Holding (ISTR) to Neutral from Overweight

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