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- U.S./Iran Reportedly Near Agreement, Oil Plunges
U.S./Iran Reportedly Near Agreement, Oil Plunges
Rick Ducat, CMT
May 06, 2026
Markets are surging to the upside this morning after Axios reported that the U.S. and Iran are getting closer to an end to the war, with S&P 500 futures (/ES) up +0.8%, tech-focused Nasdaq 100 futures (/NQ) up +1.4%, and small cap-weighted Russell 2000 futures (/RTY) up +1.7%.
The Axios report said nothing has been formally agreed to yet and that the U.S. expects Iran to respond about several key points within 48 hours. The news sent crude oil futures (/CL) plunging more than -13% at one point, and gold futures (/GC) ran up more than +3%.
Earnings movers include AMD (AMD), Super Micro Computer (SMCI). and Arista Networks (ANET). Today’s postmarket earnings include Arm Holdings (ARM), Applovin (APP), and DoorDash (DASH), while ecodata includes ADP Employment Change and the MBA 30-Year Mortgage Rate.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil is plunging -9.5% to 92.40, with today’s sharp downside move due to reports that the U.S.-Iran war may be closer to a resolution and after a -2.3% move yesterday.
Gold (/GC) – Gold is up +3% near 4,700, an upside push that is moving above relative highs near 4,673 from Friday and continuing the upswing that began with yesterday’s +0.78% move.
Bitcoin (/BTC) – Bitcoin is up +1.1% at about 82,870, with early trading pointing toward a fifth straight day of gains for a +10.4% rally since the lows on Apr. 29.
VIX – The VIX is near 16.4, continuing declines from yesterday’s -0.91 move that closed at 17.38.
U.S. Dollar (/DX) – The greenback is down -0.6% at around 97.7, ending a three-day winning streak that closed near 98.4 yesterday after a modest +0.02% gain.
Biggest Premarket Movers (as of 7 AM ET)
Symbol | Product | Mark % Change (Winners) |
|---|---|---|
GLW | Corning | +19.77% |
AMD | AMD | +18.32% |
SMCI | Super Micro Computer | +12.83% |
UBER | Uber Technologies | +8.03% |
RCL | Royal Caribbean | +7.58% |
Symbol | Product | Mark % Change (Losers) |
|---|---|---|
DOW | Dow Inc. | -8.09% |
APA | APA Corp. | -7.69% |
ANET | Arista Networks | -7.18% |
DVN | Devon Energy | -6.65% |
OXY | Occidental Petroleum | -6.64% |
Economic Data
Time | Event |
|---|---|
7:00 AM ET | MBA Mortgage Applications |
8:15 AM ET | ADP Employment Report |
8:30 AM ET | Treasury Refunding Announcement |
9:30 AM ET | Fed’s Musalem Speaks |
10:30 AM ET | EIA Petroleum Status Report |
11:00 AM ET | Treasury Buyback Announcement |
1:00 PM ET | Fed’s Goolsbee Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
NVO, DIS, UBER, CVS, MAR, JCI, QSR, KHC, CART | ARM, APP, DASH, WBD, FTNT, TKO, ALB, CF, FLUT, SNAP, BROS | SHEL, MCD, HWM, LNG, DDOG, ZTS, TPR, U, CELH | GILD, MCK, MELI, ABNB, NET, MNST, MSI, CRWV, COIN, MCHP, RKLB, XYZ, RKT, EXPE, AFRM, AKAM, TOST, WMG, NWS, HUBS, DKNG, TTD, WYNN, TXRH, DBX, LYFT |
Upgrades/Downgrades
Argus upgrades Palantir (PLTR) to Buy from Hold
Phillip Securities upgrades Wells Fargo (WFC) to Buy from Accumulate
Seaport Research upgrades AMD (AMD) to Buy from Neutral
JPMorgan downgrades Westlake (WLK) to Underweight from Neutral
Loop Capital downgrades TopBuild (BLD) to Hold from Buy
Northcoast downgrades Norwegian Cruise (NCLH) to Neutral from Buy
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