All three major indexes are surging before the opening bell
Futures on the Dow Jones Industrial Average (DJIA) are up more than 1,200 points, as investors cheer President Donald Trump's decision to extend his Iran attack deadline by two weeks, contingent upon Iran's agreement to reopen the Strait of Hormuz during that time.
Iran has reportedly sent a 10-point proposal to the U.S. for consideration, while Trump threatened 50% tariffs against anyone who supplies the country with weapons. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also surging, while West Texas Intermediate (WTI) crude prices tumble, last seen below $95.
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5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 1.5 million call contracts and 1 million put contracts traded Tuesday. The single-session equity put/call ratio rose to 0.72, while the 21-day moving average stayed at 0.60.
- Shares of Delta Air Lines Inc (NYSE:DAL) are surging 10.4% before the bell, after the company posted a first-quarter beat and shared plans on how it will combat the rise in fuel prices. CEO Ed Bastian said the airliner will "meaningfully reduce" is growth plans. Should these gains hold, DAL will erase its year-to-date deficit and break above resistance at the $68 level and 80-day moving average.
- Retailer Levi Strauss & Co (NYSE:LEVI) is also charging 10.4% higher in pre-market trading, after the company shared a first quarter top- and bottom-line beat. LEVI could also erase its year-to-date deficit, while also climbing above the $20 mark for the first time in over a month.
- Super Micro Computer Inc (NASDAQ:SMCI) stock is up 5.7% ahead of the open, after the chipmaker shared plans to navigate an alleged chip smuggling scandal. SMCI suffered a bear gap of 33.3% on March 20 after the original charges were brought on.
- Inflation reports, Fed minutes due out this week.
Asian, European Markets Rise on Ceasefire Buzz
Asian markets rose today in response to the ceasefire and subsequent drop in oil prices. South Korea’s Kospi paced the region with a 6.9% gain, while Japan’s Nikkei added 5.4%. China’s Shanghai Composite added 2.7% and Hong Kong’s Hang Seng gained 3.1%.
European bourses are taking their cues from the geopolitical relief as well, with travel stocks the main beneficiary. London’s FTSE 100 is up 3.1% at last look despite a drop from oil giant Shell (SHEL).The French CAC 40 and German DAX are 4.9% and 5.3% higher, respectively, with airliner Lufthansa propping up the latter.