Key Points To Watch Out For:
- Exxon and APA shares fall after ceasefire between Israel and Iran
- Lockheed Martin declines amid easing geopolitical tensions
- Carnival rises 1.7% prior to quarterly results release
Occidental Petroleum (OXY), Exxon Mobil (XOM), APA (APA): fall after truce in the Middle East
Energy stocks fell in premarket trading after Israel confirmed a ceasefire with Iran,relieving pressure on oil prices. Occidental Petroleum and APA led the losses, with declines of close to 2%. The drop in oil prices affected major US oil companies, which had been boosted by previous tensions in the region.
Lockheed Martin (LMT), RTX (RTX): decline amid lower geopolitical risk
Defense contractors lost ground in premarket trading after the announcement of a ceasefire between Israel and Iran. The relief from geopolitical tensions temporarily reduced forward demand for military equipment. Lockheed Martin and RTX reacted negative to lower expectations for new short-term contracts.
Virgin Australia (AU:VGN): returns to the market with an 11% jump
Virgin Australia returned to the stock market after a five-year absence, with its shares soaring 11% on its first day back on the market. The country’s second-largest airline has completed a restructuring and relaunched on the stock market. The strong debut reflects investor confidence in the Australian airline sector.
KB Home (KBH): Falls after forecast cut and weak results
KB Home fell more than 1% in after-hours trading after again lowering its annual forecast. The company posted lower quarterly sales and profits, raising doubts about the health of the US residential real estate market. The adjustment to its estimates is the second consecutive cut this year.
Tesla (TSLA): Extends rally after boost from robotaxis
Tesla shares rose again in premarket trading, following Monday’s strong 8% gain. The momentum remains linked to the launch of its robotaxi service in Austin, Texas, over the weekend. The market is continuing to assess the revenue potential of this new line of business.
Carnival (CCL): Rises ahead of second quarter results
Carnival rose more than 1.7% before the open, ahead of the release of its quarterly results. Investors are looking for clear signaling on the evolution of demand and operating margins amid a busy season for cruises. The move anticipates positive expectations around the report.
FedEx (FDX): Earnings expectations after the market close
FedEx will release its results at the close, which are seen as a global economic indicator. Analysts will follow its logistics network and volume estimates for the second half of the year.
