5 Things to Know Before the Stock Market Opens

• Oil futures fell 2% to $97/barrel despite a U.S. blockade of Iranian ports, as the IEA forecast a 1.5 million barrel-per-day demand decline in Q2, the largest drop since COVID-19
• The March Producer Price Index is expected to show wholesale inflation rose 1.1% versus 0.7% in February, driven by soaring fuel prices from the Iran conflict
• United Airlines CEO reportedly proposed acquiring American Airlines to Trump administration officials, which would create a $100+ billion airline surpassing current leader Delta's $63 billion in revenue

Market Summary: Tuesday Pre-Market Overview

Market Performance:

U.S. stock futures edged higher Tuesday, with Dow futures up 0.1%, S&P 500 futures up 0.3%, and Nasdaq futures gaining 0.5%. The Dow and S&P 500 entered positive territory for 2026 following Monday's gains, recovering from earlier losses after weekend peace talks between the U.S. and Iran failed to produce an agreement.

Iran Conflict Impact:

Despite a U.S. blockade of Iranian ports, WTI crude oil futures fell 2% to $97 per barrel on hopes for diplomatic progress. Pakistani officials are scheduling a second round of U.S.-Iran talks. The International Energy Agency reported oil production dropped 10 million barrels daily in March, with global demand expected to decline 1.5 million barrels daily in Q2—the largest quarterly drop since COVID-19.

Bank Earnings:

Major banks reported first-quarter results. JPMorgan Chase beat estimates, with CEO Jamie Dimon noting continued consumer spending amid "increasingly complex risks." Wells Fargo missed revenue and net interest income expectations but slightly beat profit forecasts. Citigroup exceeded both revenue and profit estimates. Goldman Sachs also surpassed expectations.

Inflation Data:

The March Producer Price Index, due at 8:30 a.m. ET, is expected to show wholesale prices rose 1.1% versus 0.7% in February. March Consumer Price Index data showed 3.3% year-over-year inflation with a 0.9% monthly increase—the largest since the pandemic.

Other Developments:

United Airlines CEO Scott Kirby reportedly discussed acquiring American Airlines with Trump administration officials, potentially creating a $100+ billion airline entity, though antitrust concerns remain significant. Bitcoin rallied to $74,400, gaining nearly $4,000, while gold futures rose 0.7% to $4,800 per ounce.