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Strait of Hormuz on Watch
Tom White
June 23, 2025
U.S. stock futures are relatively flat ahead of the Wall Street open despite the United States entering Israel’s war against Iran over the weekend by striking three nuclear sites.
The U.S. launched attacks Saturday at Iranian sites in Fordo, Isfahan and Natanz as world leaders stressed dialogue on peace talks.
Oil prices are modestly higher after rallying in recent weeks following the increased tensions in the Middle East. Investors are bracing for a potential Iranian retaliation and possibly a disruption in the Strait of Hormuz.
Investor focus will continue to be on headlines out of the Middle East along with a deluge of economic data this week.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil futures are up 0.6% near $74.30 a barrel but cut overnight gains as investors bet Iran’s retaliation against the U.S. will not disrupt global crude supply following a direct U.S. attack on Iranian nuclear sites. Crude futures traded above $78 a barrel overnight, which was the highest level since January.
Gold (/GC) – Gold futures are slightly higher near $3390 and eased from overnight highs as the dollar rallied, while market participants remained cautious, watching for any potential Iranian retaliation to U.S. strikes on its nuclear sites.
Bitcoin (/BTC) – The Crypto Future is down over 2% near 101.4K in the premarket.
VIX – The CBOE Volatility Index fell 7% on Friday and settled at 20.62 as stocks were mixed. The VIX is up 3% in the premarket amid potential for more geopolitical uncertainty.
U.S. Dollar (/DX) – The dollar is up more than half a percent to 98.9.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
NTRS | Northern Trust | +4.16% |
FI | Fiserv | +3.84% |
OXY | Occidental Petroleum | +2.26% |
SMCI | Super Micro | -4.52% |
COIN | Coinbase | -1.97% |
DOW | Dow | -1.84% |
Economic Data
Time | Event |
|---|---|
9:45AM ET | PMI Composite |
10:00AM ET | Existing Home Sales Fed’s Bowman Speaks |
11:30AM ET | 3-Month Bill Auction 6-Month Bill Auction |
1:10PM ET | Fed’s Goolsbee Speaks |
2:30PM ET | Fed’s Kugler Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
CMC, FDS | KBH | CCL, SNX | BB, FDX, WOR |
Upgrades/Downgrades
Melius Research upgrades AMD (AMD) to Buy from Hold
Raymond James upgrades DoorDash (DASH) to Strong Buy from Outperform
Deutsche Bank upgrades Estee Lauder (EL) to Buy from Hold
Craig-Hallum downgrades Oklo (OKLO) to Hold from Buy
BofA downgrades Equifax (EFX) to Neutral from Buy
BMO Capital downgrades Dow (DOW) to Underperform from Market Perform
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