U.S. stock futures are slightly lower in premarket trading after major averages posted gains in the previous session, as investor jitters around the U.S.-Iran war eased. Stocks rebounded in Wednesday’s regular session, buoyed by gains in technology and semiconductor giants.

Oil prices are spiking over 3% near $77 a barrel this morning after stabilizing yesterday with crude now up 14% this week. Fears of disruption to regional oil and gas supplies subsided after President Donald Trump said on Tuesday that the U.S. is preparing to provide risk insurance and escorts to ships in the Persian Gulf in an effort to ensure traffic can move through the Strait of Hormuz.

Investor focus remains on Middle East headlines along with earnings and data. Broadcom (AVGO) shares are up 6% ahead of the open after beating earnings expectations and raising guidance.

• Oil (/CL) – Oil prices are up 3% near $77 a barrel, extending a rally as the escalating U.S.-Israeli war with Iran continued to disrupt supplies, prompting some major producers to cut production and others to take measures to ensure supply security.

• Gold (/GC) – Gold prices are up 0.8% near $5175, lifted by safe-haven demand amid an escalating war in the Middle East, while a stronger dollar and concerns around the U.S. Federal Reserve’s monetary policy capped gains.

• Bitcoin (/BTC) – The Crypto Future is down 0.5% near 73,100 in premarket trading.

• VIX – The CBOE Volatility Index was down 10% on Wednesday and settled at 21.15 as stocks rallied.

• U.S. Dollar (/DX) – The dollar is up 0.2% to 98.9.

• Erste Group upgrades Meta Platforms (META) to Buy from Hold

• Scotiabank upgrades MongoDB (MDB) to Outperform from Sector Perform

• Benchmark upgrades Penn Entertainment (PENN) to Buy from Hold

• Arete downgrades Meta Platforms (META) to Neutral from Buy

• Erste Group downgrades Walmart (WMT) to Hold from Buy

• Rothschild & Co. Redburn downgrades American Airlines (AAL) to Neutral from Buy

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