U.S. stock futures are slightly lower in premarket trading after the major averages rallied in the previous session amid renewed hopes that a resolution may be in sight for the U.S.-Iran conflict.

Stock indices all rose more than 1% on Monday after President Donald Trump said in a Truth Social post that the U.S. and Iran have held “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” Iranian state media reported that there were no direct talks between the two countries, however.

Also lending support yesterday to equities was a nearly 10% drop in oil prices but those are reversing higher this morning. With little economic data due today and no major earnings, investor focus will remain on Middle East headlines along with the price of oil.

• Oil (/CL) – Oil futures are up over 3% near $91.15 a barrel, paring yesterday’s 10% losses in the previous session as energy market participants assessed developments related to the Iran war. Trump’s statement of a 5-day pause on attacks of energy infrastructure sent oil lower, while equities jumped. Still, the recovery on Tuesday suggests lingering skepticism over Trump’s claims — that were also refuted by Iran.

• Gold (/GC) – Gold prices are down 0.15% near $4,400 and remain down 16% this month as investors unwind positions, with a stronger U.S. dollar and elevated Treasury yields reducing the yellow metal’s allure.

• Bitcoin (/BTC) – The Crypto Future is up 0.5% near 71,000 in premarket trading.

• VIX – The CBOE Volatility Index was down only 2.3% on Monday and settled at 26.15 despite the over 1% gains in the major indices.

• U.S. Dollar (/DX) – The dollar is up 0.4% to 99.1.

• BofA upgrades CoreWeave (CRWV) to Buy from Neutral

• BMO Capital upgrades Arthur J. Gallagher (AJG) to Outperform from Market Perform

• Citi upgrades Ralph Lauren (RL) to Buy from Neutral

• JPMorgan downgrades SAP (SAP) to Neutral from Overweight

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