U.S. Stock Futures Lower as Oil Surges Above $100
Stock futures are lower across the board this morning as investors adjust to a renewed U.S.-Iran escalation scenario. Markets are starting the week on the back foot after the weekend collapse in peace negotiations.Crude has surged back above $100 following the announcement of a potential U.S. naval blockade around Iranian shipping routes. Volatility is ticking higher and safe-haven flows are creeping back into the dollar. Energy stocks are bid on higher crude, while airlines and travel names are under pressure as fuel costs spike. At the same time, markets are showing a degree of resilience. Earnings season is kicking off with major banks leading this week, which introduces another layer. Up to this point, macro and geopolitics have been the main drivers.In pre-market trading, S&P 500 futures fell 0.50%, Nasdaq futures fell 0.44% and Dow futures fell 1.00%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Allogene Therapeuticsup 61% after reporting data from the planned interim futility analysis of its randomized Phase 2 ALPHA3 trialRevolution Medicinesup 33% after announcing topline results from its controlled Phase 3 RASolute 302 clinical trialLeggett & Plattup 8% after Somnigroupand the company announced that the companies have signed a definitive agreement pursuant to which Somnigroup will acquire Leggett & Platt in an all-stock transaction valued at approximately $2.5BWilliams-Sonomaup 2% after Goldman Sachs upgraded the stock to Buy from Neutral with a price target of $218, up from $185Baker Hughesup 1% after announcing that it has entered into an agreement to sell its Waygate Technologies business to HexagonToll Brothersup 1% after Evercore ISI upgraded shares to Outperform from In Line with a price target of $176, up from $174DOWN AFTER EARNINGS -Goldman Sachsdown 4%Fastenaldown 2%LOWER -Best Buydown 4% after Goldman Sachs double downgraded the stock to Sell from Buy with a price target of $59, down from $76Somnigroupdown 1% after the company and Leggett & Platt announced that the companies have signed a definitive agreement pursuant to which Somnigroup will acquire Leggett & Platt in an all-stock transaction valued at approximately $2.5B
