5 Things to Know Before the Stock Market Opens

• Oil prices fell 9% to $93/barrel after reports indicated the White House is close to a memorandum of understanding with Iran to end the war and establish a framework for nuclear negotiations
• AMD shares soared in premarket trading after reporting that AI data center products comprised more than half of its quarterly revenue, lifting the broader semiconductor sector with the iShares Semiconductor ETF up 4%
• Major earnings reports today include Disney (beat estimates under new CEO), CVS Health, and Uber, with additional reports from Applovin, DoorDash, and Warner Bros. Discovery due after the close

Market Summary: Stock Futures Surge on Iran Deal Optimism and Strong Earnings

Key Market Movements

Stock futures are rallying strongly, with Nasdaq futures up 1.4%, Dow futures up 1%, and S&P 500 futures up 0.8%. The S&P 500 and Nasdaq previously closed at record highs. Bitcoin reached $82,400, its highest level since January, while gold futures climbed nearly 3% to $4,700 per ounce. The 10-year Treasury yield declined to 4.37% from 4.42%.

Iran Deal Drives Oil Plunge

West Texas Intermediate crude plummeted 9% to approximately $93 per barrel on reports that the U.S. and Iran are nearing a peace agreement. Axios reported the White House is close to securing a one-page memorandum of understanding to end the conflict and establish a framework for nuclear negotiations. President Trump announced he would pause plans to guide ships through the Strait of Hormuz, citing "great progress" toward a deal, while maintaining Iran's port blockade.

Corporate Earnings Highlights

AMD surged in premarket trading after exceeding estimates, with AI data center products comprising over half of quarterly revenue. The strong results lifted chip stocks broadly, with the iShares Semiconductor ETF rising 4% and ARM Holdings jumping 11% ahead of its after-hours earnings release.

Novo Nordisk stock jumped on strong earnings, while Disney beat estimates in CEO Josh D'Amaro's first report. CVS Health and Uber also reported today.

Other notable companies reporting include Marriott, Restaurant Brands International, and Kraft-Heinz. After-hours earnings are expected from Applovin, DoorDash, Warner Bros. Discovery, and TKO Group.

Market Implications

The combination of potential geopolitical de-escalation and robust AI-driven semiconductor demand is fueling investor optimism, pushing major indexes toward fresh record highs.