Chevron and ExxonMobil plunge before the market opens; Levi's soars

LootboxPhobia · 2026-04-08T13:33:06+00:00

U.S. stock index futures surged on Wednesday as Trump announced a temporary ceasefire agreement with Iran, boosting market expectations for an improvement in Middle East tensions. The sharp decline in oil prices supported expectations of Federal Reserve rate cuts, leading to a strong stock market performance. Energy stocks pulled back, while airline and mining stocks rose. Meanwhile, the seven major U.S. tech giants generally advanced, with Levi's stock soaring.

LootboxPhobia

2026-04-08 13:33:06

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Investing.com - U.S. stock index futures surged significantly on Wednesday, after President Donald Trump said he had reached a temporary ceasefire agreement with Iran, boosting hopes that the Middle East war may be coming to an end.

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Meanwhile, Trump said the U.S. has delayed the scheduled strikes against Iran by two weeks to help facilitate a long-term ceasefire, and oil prices have therefore plunged by more than 13%. The drop in oil prices helps ease concerns in the market that energy could drive inflation to spike again, reigniting bets that the Federal Reserve may cut rates again later this year. U.S. government bond yields fell, easing some of the downside pressure facing the stock market.

As of 05:55 a.m. Eastern Time (18:55 Beijing Time), S&P 500 index futures were up 179 points, a gain of 2.7%. Nasdaq 100 index futures rose 842 points, or 3.5%, while Dow Jones index futures jumped 1,213 points, or 2.6%.

Here are the major pre-market movers in U.S. stocks today:

Energy stocks plunged, reflecting the drop in oil prices after the ceasefire news. Chevron, Exxon Mobil, Venture Global, Occidental Petroleum, and ConocoPhillips all fell sharply.
On the other hand, airline stocks climbed, including United Airlines, Delta Air Lines, American Airlines, and Southwest Airlines.
The rise in gold prices also boosted mining stocks. Previously, gold prices had been pressured during the conflict as markets bet that interest rates would remain high for the long term. Newmont Goldcorp, Barrick Gold Mining, and Agnico Eagle Mining rose.
Financial stocks climbed, including JPMorgan Chase, Goldman Sachs, Bank of America, and Morgan Stanley.
CF Industries and Nutrien fell, after having been supported in recent weeks by surging fertilizer prices driven by the war in Iran.
The U.S. “Magnificent Seven” — Meta Platforms, Tesla, Alphabet, Nvidia, Amazon, Microsoft, and Apple — all moved higher.
Levi’s, the jeans maker, surged, after the company raised its full-year guidance for adjusted earnings per share and revenue, and its first-quarter financial results also beat expectations.

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