5 Things to Know Before the Stock Market Opens

• The Dow Jones Industrial Average and Nasdaq Composite have both fallen more than 10% from record highs, entering correction territory after five straight weeks of losses
• West Texas Intermediate crude oil futures traded above $100 per barrel for the first time since July 2022 after Trump told The Financial Times his 'favorite' plan would be to 'take the oil in Iran,' likely requiring ground troops and extending the war
• Eli Lilly signed a deal worth up to $2.75 billion with AI drug developer Insilico Medicine, paying $115 million upfront for exclusive rights to commercialize any drugs that reach market, with about half of Insilico's 28 AI-developed drugs currently in clinical trials

Market Summary: Pre-Market Brief

Market Overview

Stock futures rose 0.6% across major indexes (Dow, S&P 500, Nasdaq) following five consecutive weeks of losses. Both the Dow Jones Industrial Average and Nasdaq Composite have entered correction territory, down over 10% from record highs. The 10-year Treasury yield declined to 4.37% from Friday's 4.44% close.

Geopolitical Developments - Iran

President Trump's weekend comments intensified market volatility. He indicated preference for a ground operation to "take the oil in Iran," potentially targeting Kharg Island, a major export hub. Such an operation would extend the war timeline, contradicting earlier statements about a quick resolution. Additionally, Trump is considering deploying troops to extract hundreds of pounds of uranium from Iranian sites, an operation that could keep forces on the ground for up to a week.

Commodity Markets

West Texas Intermediate crude surged above $100/barrel, reaching near four-year highs last seen in July 2022. Brent crude rose 2% to $115/barrel. Gold futures climbed nearly 2% to $4,570/ounce. Bitcoin traded at $67,600, recovering from overnight lows near $65,000.

Corporate News

Eli Lilly (LLY) partnered with Insilico Medicine, an AI drug development firm, paying $115 million upfront with potential milestone payments reaching $2.75 billion. The deal grants Eli Lilly exclusive licensing rights for Insilico's drugs, approximately half of which (14 of 28) are in clinical trials.

Week Ahead

Key events include Nike earnings (Tuesday), March jobs report (Friday), retail sales and ADP payrolls (Wednesday), and trade deficit data (Thursday). Markets close early Friday for Good Friday.