5 Things to Know Before the Stock Market Opens

U.S. stock futures are pointing higher after President Donald Trump announced a ceasefire between Israel and Iran; oil futures are dropping on the news, taking shares of energy companies Chevron (CVX), ExxonMobil (XOM), and Occidental (OXY) lower in premarket trading; Fed Chair Jerome Powell is set to testify before Congress as he faces pressure from Trump on interest rates; FedEx (FDX) is slated to report quarterly results after markets close today; and Amazon (AMZN) announces a nearly $55 billion investment in its U.K. operations. Here’s what investors need to know today.

1. US Stock Futures Rise on Iran-Israel Ceasefire Announcement

U.S. stock futures are pointing higher on President Donald Trump’s ceasefire announcement, which came hours after indexes closed higher yesterday on optimism that the Iran-Israel conflict could subside. Investors are watching today for testimony from Fed Chair Jerome Powell and consumer confidence data. Futures associated with the Nasdaq, S&P 500, and Dow Jones Industrial Average are up by about 1%, 0.8%, and 0.6%, respectively. Bitcoin (BTCUSD) is rising to trade at over $105,000. The yield on the 10-year Treasury note and gold futures are lower.

2. Oil Futures Drop on Ceasefire News

Oil futures are down sharply after Trump’s ceasefire announcement, sending oil-producer stocks lower in premarket trading. Both Brent and West Texas Intermediate crude futures are down roughly 3%. Chevron (CVX), ExxonMobil (XOM), and Occidental (OXY) shares are moving roughly 1%-2% lower in early trading after posting declines yesterday as the oil rally faded amid cooling tensions in the Middle East.

3. Powell Testimony Comes as Trump Ramps Up Pressure on Fed

Federal Reserve Chair Jerome Powell is scheduled to testify before the House Financial Services Committee at 10 a.m. ET today, with the embattled central banker likely to face tough questions from Trump’s allies in Congress. The president has repeatedly criticized Powell on social media over the Fed’s decisions to keep interest rates unchanged at their current rate of 4.25% to 4.5%. In a post on his Truth Social network early Tuesday, Trump wrote that interest rates should be “at least two to three points lower.”

4. FedEx Set to Report Quarterly Results After Closing Bell

FedEx (FDX) is set to report fiscal fourth-quarter results after the bell today, with analysts surveyed by Visible Alpha expecting adjusted earnings per share to rise to $5.88 from $5.42 a year ago as the shipping giant continues its cost-cutting efforts. Revenue is projected to decline about 1% year-over-year to $21.82 billion amid tariffs pressure. The report comes days after the company’s founder Fred Smith died. FedEx shares, which have declined nearly 20% this year entering Tuesday, are about 1% higher in premarket trading.

5. Amazon to Invest Nearly $55B in UK Operations Over 3 Years

Amazon (AMZN) announced it would invest 40 billion British pounds ($54.5 billion in its U.K. operations over the next three years. Amazon said it would build four new fulfillment centers, add more delivery stations, and upgrade existing operations around the U.K, creating thousands of new jobs. The news comes after CEO Andy Jassy told employees he expects Amazon to trim its corporate workforce over the next few years through the advancements of artificial intelligence. Amazon shares are about 1.5% higher in premarket trading.