Morning Preview: April 08, 2026

Early Look

U.S. futures and global markets experienced a significant surge overnight following President Trump's announcement of a ceasefire involving the U.S., Iran, and Israel. Trump declared on social media, “This will be a double-sided CEASEFIRE!” Iran agreed to halt its attacks if the U.S. ceased its actions against Iran, allowing for safe transit through the Strait of Hormuz for two weeks, as stated by Iranian Foreign Minister Abbas Araqchi. Consequently, oil prices plummeted by 20%, dropping below $96 per barrel, as the ceasefire was established, contingent upon the reopening of the Strait of Hormuz.

Trump mentioned that the U.S. received a 10-point proposal from Iran, which he deemed a workable basis for negotiations, indicating that the parties were close to a definitive long-term peace agreement. The market reacted positively, particularly in the consumer and travel sectors, while energy stocks faced declines due to falling oil prices. The S&P 500 and Nasdaq marked their fifth consecutive day of gains following a rally on Tuesday.

Market Performance

Futures Overview

• Dow: +1,200.00 (2.56%) - Last: 48,010
• S&P 500: +175.25 (2.64%) - Last: 6,832
• Nasdaq: +841.50 (3.45%) - Last: 25,212

Market Closing Prices Yesterday

• S&P 500: +5.02 (0.08%) - 6,616.85
• Dow Jones: -85.42 (-0.18%) - 46,584.46
• Nasdaq: +21.51 (0.10%) - 22,017.85
• Russell 2000: +4.30 (0.17%) - 2,544.95

Global Market Reactions

Asian markets saw significant gains, with the Nikkei Index rising by 2,878 points (5.39%) to 56,308, the Shanghai Index increasing by 104 points to 3,995, and the Hang Seng Index surging by 776 points (3.09%) to 25,893. In Europe, the German DAX climbed by 1,043 points (4.55%) to 23,964, while the FTSE 100 rose by 269 points to 10,617. The VIX index decreased by 20%, stabilizing just above the 20 level, marking its lowest point in about a month. The 10-year Treasury yield fell by 5 basis points to 4.24%, while gold prices increased to $4,800, silver rose by 5%, and Bitcoin climbed by 3% to above $71,000.

Economic Calendar for Today

• 7:00 AM ET: MBA Mortgage Applications Data
• 10:30 AM ET: Weekly DOE Inventory Data
• 1:00 PM ET: US Treasury to sell $39B in 10-year notes

Earnings Calendar

Earnings Before the Open

• Delta Airlines (DAL)
• RPM International (RPM)

Earnings After the Close

• APLD
• PCYO
• PSMT
• RGP
• STZ

Sector News Breakdown

Consumer Sector

Delta Airlines reported Q1 adjusted EPS of $0.64, exceeding estimates of $0.57, with revenues of $14.2 billion against expectations of $14.01 billion. The company anticipates Q2 adjusted EPS between $1.00 and $1.50, while expressing caution regarding its full-year outlook due to rising jet fuel prices linked to the Iran conflict.

Energy, Industrials, and Materials

Greenbrier lowered its FY26 EPS and revenue outlook, while Maersk noted potential opportunities in the Strait of Hormuz due to the ceasefire, although security concerns remain. Scorpio Tankers announced a $300 million convertible senior notes offering.

Healthcare

Insmed's Phase 2b CEDAR study for brensocatib did not meet its primary or secondary efficacy endpoints, although the treatment was well tolerated.

Technology, Media & Telecom

Aehr Test Systems reported Q3 revenues of $10.31 million, slightly below estimates, but noted strong demand across various sectors. GoPro announced a restructuring plan to reduce costs, affecting approximately 23% of its workforce.