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Futures Point Higher as Oil Retreats, Earnings and Data Loom
Rick Ducat, CMT
May 05, 2026
Early trading points to upside, with S&P 500 futures (/ES) up +0.32% and the tech-heavy Nasdaq 100 futures (/NQ) up +0.50%. The U.S.-Iran ceasefire is still in place despite mounting tensions, with crude oil futures (/CL) backing off -1.83%.
Palantir (PLTR) is down about -3% after earnings despite posting record revenue and raising guidance, while Pfizer (PFE) is up +1.3% after its own quarterly report beat estimates.
Economic data for today includes Balance of Trade, ISM Services, JOLTS, and New Home Sales. Meanwhile, investors can look toward earnings from AMD (AMD), Shopify (SHOP), Arista Networks (ANET), and Occidental Petroleum (OXY) today.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil is backing off somewhat, down -1.33% at 105.00 after yesterday’s +2.57% advance amid heightened tensions in the U.S.-Iran war.
Gold (/GC) – Gold is up +0.66% at about 4,563, after a -2.01% drop yesterday that closed at 4,532.4 and held on to prior lows from the past week.
Bitcoin (/BTC) – The cryptocurrency up +1.07% at about 81,250, and is on pace for its fourth green day in a row with a roughly +8.4% rally since relative lows of 75,130 on Apr. 29.
VIX –The Vix is at 17.79 in early trading, retreating from yesterday’s close of 18.29.
U.S. Dollar (/DX) – The greenback is up +0.14% near 98.40, with early trading pointing toward a third straight day of gains after yesterday’s +0.28% move.
Biggest Premarket Movers (as of 7 AM ET)
Symbol | Product | Mark % Change (Winners) |
|---|---|---|
WAT | WATERS CORP | +9.31% |
ROK | ROCKWELL AUTOMATION | +8.52% |
TDG | TRANSDIGM GROUP INC | +5.24% |
MU | MICRON TECHNOLOGY IN | +4.84% |
CMI | CUMMINS INC | +4.76% |
Symbol | Product | Mark % Change (Losers) |
|---|---|---|
PYPL | PAYPAL HLDGS INC | -9.78% |
IQV | IQVIA HLDGS INC | -6.80% |
ETN | EATON CORP PLC | -4.92% |
ON | ON SEMICONDUCTOR COR | -4.16% |
HII | HUNTINGTON INGALLS I | -3.97% |
Economic Data
Time | Event |
|---|---|
8:30 AM ET | Balance of Trade |
9:45 AM ET | Final Services PMI |
10:00 AM ET | ISM Services PMI New Home Sales (FEB) |
12:30 PM ET | FOMC Member Barr Speaks |
4:30 PM ET | API Weekly Statistical Bulletin |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
SHOP, PFE, BUD, DUK, CMI, RACE, MPC, TDG, CCJ, ROK, PYPL, DD | AMD, ANET, EMR, EOG, LITE, OXY, CTVA, EA, DVN, SMCI, JOBY, QRVO, MTCH | NVO, DIS, UBER, CVS, MAR, JCI, QSR, KHC, CART | ARM, APP, DASH, WBD, FTNT, TKO, ALB, CF, FLUT, SNAP, BROS |
Upgrades/Downgrades
BofA upgrades Ulta Beauty (ULTA) to Buy from Neutral
Argus upgrades Chipotle (CMG) to Buy from Hold
Raymond James upgrades Devon Energy (DVN) to Strong Buy from Outperform
Erste Group downgrades Verizon (VZ) to Hold from Buy
Piper Sandler downgrades Tractor Supply (TSCO) to Neutral from Overweight
Fox Advisors downgrades Fabrinet (FN) to Equal‑Weight from Outperform
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