US PRE-MARKET MOVERS: XLE, RCL, CCL, JETS, DAL, DOW, LEVI, ANIP, VSAT
The agreement between the US and Iran for a two-week ceasefire and reopening of the Strait of Hormuz is significant as it alleviates some of the geopolitical risks surrounding oil supply, leading to a notable drop in crude prices.
Daily US Equity Opening News - Indices surge as US & Iran announce 2-week ceasefire; LEVI & DAL extend higher on earnings
Alibaba (BABA) AI exec Zhou to focus solely on AI role, The Information reports; Co. names Zhou Chief AI architect of new tech committee
US PRE-MARKET MOVERS: XLE, RCL, CCL, JETS, DAL, DOW, LEVI, ANIP, VSAT
IDF denies any involvement in the reported strikes targeting an oil refinery on Iran's Lavan Island this morning, TOI's Fabian reports
Iran’s armed forces say they will support the resistance fronts in Lebanon, Palestine, Yemen, and Iraq; warn of a stronger response against any renewed attacks from the US or Israel, a statement says
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ES +2.6%, NQ +3.4%, RTY +3.7%
US & Iran agreed to a two-week ceasefire and reopening of the Strait of Hormuz
- XLE -5%: Crude prices sink to the low USD 90s/bbl.
- RCL +8.7%, CCL +10.7%, JETS +10.7%: Slumping oil prices eases costs; DAL +12.6%, extending on Q1 earnings beat.
- DOW -10.6%, CF -11.7%: Chemicals hit as Hormuz reopening will ease supply constraints.
- LEVI +10.8%: Q1 EPS & rev. beat.
- ANIP +5.3%: Launching generic heart drug.
- VSAT +6.7%: Upgraded at Barclays to 'Equal Weight' from 'Underweight'.
This decline in oil prices is benefiting energy-intensive sectors like airlines and leisure, which see substantial pre-market gains. Conversely, chemical companies are feeling the pain as their costs are tied to these supply dynamics, highlighting the varied market reactions based on sector sensitivity to energy prices.
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