Markets Little Changed After Potential Iran War Ceasefire Reports

Equity index futures are little changed after news reports that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. S&P 500 futures (/ES) are up about 0.07% while Russell 2000 futures (/RTY) are down -0.10%.

Other outlets also reported the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, although the chances for reaching a partial deal before the Tuesday deadline were slim.

Morning Movers

Snapshot (as of 7 AM ET)

  • Oil  (/CL) – Oil prices are down 1% near $110 a barrel in volatile trading Monday after U.S. crude briefly topped $115, as President Donald Trump gave Iran until Tuesday to open the Strait of Hormuz or face attacks on its power plants and bridges.

  • Gold  (/GC) – Gold prices are up 0.8% near $4720 as the U.S. dollar and ‌oil prices fell, spurring inflation concerns and bolstering expectations of higher interest rates. 

  • Bitcoin (/BTC) – The Crypto Future is up 4% near 70,000 in premarket trading.

  • VIX – The CBOE Volatility Index was down 2.7% on Thursday and settled at 23.87 as stocks rallied off of lows.

  • U.S. Dollar (/DX) – The dollar is down -0.08% near 99.78, continuing a sideways grind since mid-March.

Biggest Premarket Movers (as of 7 AM ET)

Symbol

Product

Mark % Change (Winners)

MU

Micron Technology

+3.23%

SNDK

Sandisk

+3.02%

COIN

Coinbase

+2.95%

STX

Seagate Technology

+2.71%

WDC

Western Digital

+2.55%

Symbol

Product

Mark % Change (Losers)

LYB

LyondellBasell

-3.64%

DOW

Dow Inc.

-2.42%

CVNA

Carvana

-1.56%

LVS

Las Vegas Sands

-1.09%

OXY

Occidental Petroleum

-1.06%

Economic Data

Time

Event

10:00 AM ET

ISM Services Index 

11:30 AM ET

3 and 6-Month Bill Auctions 

Notable Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket Tomorrow

N/A

N/A

N/A

GBX, LEVI

Upgrades/Downgrades

  • Goldman Sachs upgrades Netflix (NFLX) to Buy from Neutral

  • Jefferies upgrades Twilio (TWLO) to Buy from Hold

  • Barclays upgrades Rocket Companies (RKT) to Overweight from Equal Weight

  • Bank of America downgrades Carvana (CVNA) to Neutral from Buy

  • Bank of America downgrades Dow Inc. (DOW) to Underperform from Neutral

  • Bank of America downgrades LyondellBasell (LYB) to Underperform from Neutral

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