U.S. stock futures are lower in premarket trading as President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz is due tonight at 8 PM ET. On Monday, Trump repeated his warning that the U.S. will destroy Iran’s power plants and bridges if the nation does not reopen the Strait of Hormuz by the deadline. The moves come after gains on Monday with investors signaling optimism that a deal can be reached before tonight. Oil prices were higher on Monday and are extending gains near $115 a barrel this morning. Stocks are optimistic that it’s going to be short term but the energy market is stating otherwise as the disruptions in the Strait of Hormuz continue. Investor focus will be on headline news today ahead of the deadline along with Oil prices and the delayed Durable Goods Orders.

• Oil (/CL) – Oil prices are up 2% near $115 a barrel after U.S. President Donald Trump doubled down on his threats to attack Iran’s civil infrastructure, warning the nation will be “taken out in one night” if the Islamic Republic’s leadership failed to reopen the Strait of Hormuz. On Monday, Trump repeated his threat that the U.S. would destroy Iran’s power plants and bridges if Tehran did not reopen the Strait of Hormuz by 8 p.m. ET on Tuesday, while also signaling that Iranian leadership was negotiating in earnest.

• Gold (/GC) – Gold prices steadied near $4680, as investors remained cautious ahead of a deadline set by U.S. President Donald Trump for reopening the Strait of Hormuz, a key flashpoint in the Iran war.

• Bitcoin (/BTC) – The Crypto Future is down 2% near 68,400 in premarket trading.

• VIX – The CBOE Volatility Index was up 1.2% on Monday and settled at 24.17 despite a rise in stocks.

• U.S. Dollar (/DX) – The dollar is down slightly at about 99.77, a -0.03% decline as trading remains muted.

• UBS upgrades Morgan Stanley (MS) to Buy from Neutral

• Rosenblatt upgrades Arista Networks (ANET) to Buy from Neutral

• Citizens upgrades Rocket Lab (RKLB) to Outperform from Market Perform

• Morgan Stanley downgrades Arm Holdings (ARM) to Equal Weight from Overweight

• Seaport Research downgrades Lennar (LEN) to Sell from Buy

• Seaport Research downgrades KB Homes (KBH) to Sell from Buy

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