Good Morning!
Futures are higher this morning, with ES 40.
Techs are showing some strength, and the market is starting to look like it wants to rebound from the recent sell-off.
Oil prices are lower this morning, with WTI crude around $89.
Middle East tensions have escalated as the U.S. and Iran exchanged fresh strikes. However, the U.S. said they have completed strikes against Iran.
$TSLA is leading the Mag 7 this morning.
Space stocks are moving higher pre-market as investors position ahead of SpaceX's highly anticipated IPO, which begins trading on Friday and could become one of the largest public offerings in history.
$ASTS $RKLB
The memory/storage stocks are showing some strength this morning with
$SNDK leading.
The chip equipment stocks are strong this morning.
$ASML $AMAT $LRCX $KLAC
$ASML is up 3% pre-market. They're holding an annual technology conference today. Elon Musk is scheduled to appear virtually today for this event, where he will discuss his Terafab semiconductor manufacturing venture for Tesla and SpaceX, along with his broader vision on AI, robotics, space, and chip production.
$INTC is up 5% pre-market after receiving an upgrade from B of A from "underperform" to "buy", with a raised price target from $96 to $135. It's also extending momentum from last week’s surge on reports of a major Google AI chip foundry order.
$ORCL is down 8% pre-market despite beating Q4 earnings, as investors reacted negatively to increased capex spending, negative free cash flow, and a large $40B debt/equity raise to support its capex spending which is raising dilution and profitability concerns.
The May PPI will be released this morning before the bell. This is usually not as critical as the CPI, but a surprise read can still trigger a noticeable market reaction.