U.S. premarket movers track oil slump, media deals and post-IPO trading
Premarket trading in the U.S. is reshaping sector leaders as lower oil prices pressure energy shares while lifting airlines and cruise operators. Media stocks are also moving sharply after deal announcements, and SpaceX extends gains ahead of its second trading day on Monday.
Highlights
- U.S. oil prices fall 5% to near $80 per barrel after a U.S.-Iran deal to reopen the Strait of Hormuz, dragging energy stocks lower.
- Fox Corporation drops 12% after agreeing to acquire Roku for $160 per share, an 11% premium, with Roku shares halted premarket.
- United Airlines, Delta, Norwegian Cruise Line, Carnival, and Royal Caribbean gain 4–5% in premarket as lower oil prices cut fuel costs.
Oil prices and deal news drive early trading
As reported by CNBC, energy stocks are falling in premarket trading as U.S. oil prices drop 5% to near $80 per barrel after a U.S.-Iran deal that is set to reopen the Strait of Hormuz.APA and Devon Energy are each down more than 3.5%, while Marathon Petroleum and EOG Resources are off 3%. Chevron and Exxon Mobil are also losing more than 2.5%.
Paramount Skydance is rising almost 5% after the U.S. Justice Department announces on Friday that it approves Paramount’s acquisition of Warner Bros. Discovery. The proposed merger still could face challenges at the state level.
Fox Corporation is sinking 12% after announcing an agreement to acquire Roku for $160 per share, an 11% premium to Roku’s Friday close. Fox says in a press release that the cash-and-stock transaction will create a company positioned at the forefront of sports, news and streaming, while Roku shares are halted in premarket trading.
Lower fuel costs lift travel stocks
Airlines and cruise operators are among the main beneficiaries of the drop in fuel prices, with several travel names posting solid gains before the opening bell on Monday.United Airlines is up more than 5% and Delta Air Lines is gaining 4%. Norwegian Cruise Line and Carnival Corporation are both jumping 4.5%, while Royal Caribbean is advancing 4%.
SpaceX is also among the strongest movers, with shares up 5% as the company prepares for its second day of trading on Monday. The stock rose 19% from its $135-per-share IPO price in its Nasdaq debut on Friday.
In our earlier coverage of the U.S.-Iran preliminary agreement to resume shipping through the Strait of Hormuz, we noted that the deal aimed to reopen the key oil transit route and launch a 60-day negotiating window on Iran’s nuclear program. The article also highlighted how crude prices fell on the news despite unresolved details, as markets weighed the prospect of eased supply disruption risks against the possibility of renewed tensions if talks break down.
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