US Pre-Market: Oil Prices Surge 8% Hitting US Stocks, Goldman’s Strong Earnings Still Fail to Stop Bank Stock Slide

Market Movement

VIX Fear Index Surges as Three Major Stock Index Futures Slide Collectively

TradingKey - During Monday's (April 13) pre-market session, the VIX Volatility Index surged 10%, leading to a collective decline in U.S. stock index futures. Nasdaq 100 futures fell 0.69% to 24,999; Dow 30 futures dropped nearly 200 points, or 0.42%, to 47,714; and S&P 500 futures slipped 0.49% to 6,783.

Goldman Sachs Posts Strong Q1 Earnings, but Shares Fall 4%

Goldman Sachs ( GS) shares fell 4% to $871.50, triggering a collective downturn in the banking sector. Among them, JPMorgan Chase ( JPM) fell 1.57%, while Morgan Stanley ( MS) dropped 1.95%, Citigroup ( C) fell 1.5%, Wells Fargo ( WFC) dropped 1.44%, and Bank of America ( BAC) fell 1.41%. Despite the share price pressure, Goldman Sachs reported strong first-quarter performance: revenue from equity intermediation and financing grew 27% to a record $5.33 billion, while net income attributable to common shareholders reached $5.4 billion, or $17.55 per share.

Goldman Sachs Price Chart, Source: TradingView

NIO Rises 2% Pre-market as BOCI Remains Bullish on Strong Growth Momentum

NIO ( NIO) shares continued to strengthen pre-market, rising 2% to $6.63. BOCI released a research report noting that monthly deliveries for the NIO ES9 are expected to stabilize between 3,000 and 4,000 units, which could help combined monthly sales of the ES8 and ES9 surpass 10,000 units, with room for further growth. The firm is optimistic about NIO's robust growth momentum, clear operational inflection point, and distinct cash flow trajectory, thus reaffirming its "Buy" rating and raising its U.S. price target to $14.

SanDisk Jumps 2% Pre-market on Addition to Nasdaq 100 Index

SanDisk ( SNDK) shares rose 2% pre-market to $870. In news, Nasdaq Inc. announced last week that SanDisk will be officially added to the Nasdaq 100 Index before the market opens on April 20. This inclusion is expected to significantly boost SanDisk's profile and market liquidity, attracting substantial institutional inflows. With over 200 investment products globally tracking the Nasdaq 100 and combined assets under management exceeding $600 billion, the move is expected to provide strong buying support for the stock.

Gold and Silver Prices Retreat as Crude Oil Surges 8%

Peace talks between the U.S. and Iran have collapsed, prompting Trump to order a blockade of the Strait of Hormuz, sending crude oil prices up over 8%. Among them, WTI Crude Oil ( USOIL) rose more than 9% to $98 per barrel; Brent crude gained 8.15% to $101 per barrel. Spot gold fell 0.6%, breaking below $4,800 per ounce, while silver plunged more than 2% to $74 per ounce.

WTI Crude Oil Price Chart, Source: TradingView

Cryptocurrencies Plunge Collectively; Bitcoin Tests $70,000 Support

The U.S. blockade of the Strait of Hormuz led to a collective decline in the crypto market. Bitcoin ( BTC) fell 0.7% today to $70,791; Ethereum ( ETH) dropped 0.65% to $2,190; Ripple ( XRP) fell 0.48% to $1.32; Binance Coin ( BNB) remained largely unchanged, currently trading at $597.

Market Highlights

Trump Acknowledges Oil Prices May Remain High Before November Midterm Elections

U.S. President Donald Trump said on Sunday that oil and gasoline prices could remain high leading up to the November midterm elections. This was seen as a rare admission by Trump that his decision six weeks ago to launch an attack on Iran might carry a political price. When asked in an interview whether oil prices would drop in the fall, Trump responded, "They could go down, they could stay the same, they could even go up a bit, but they should be about where they are now."

Circle and Upbit Parent Dunamu Sign MOU for Comprehensive Cooperation

On April 13, USDC stablecoin issuer Circle entered into a partnership with Dunamu, the operator of South Korea's largest virtual asset trading platform Upbit, to jointly develop the stablecoin and digital asset sectors. Dunamu stated that the two parties have signed a comprehensive memorandum of understanding (MOU) and are currently discussing cooperation plans for digital assets, including stablecoins, such as jointly promoting related educational programs.

OpenAI CEO Sam Altman's Residence Targeted in Second Shooting

On April 12 local time, the residence of OpenAI CEO Sam Altman was attacked once again. Two suspects fired shots at the residence from a vehicle; fortunately, no one was injured. Notably, this attack occurred just 45 hours and 45 minutes after the first incident at Altman's home.

Meta Builds "AI Zuckerberg": Mimicking Behavior to Interact with Employees on His Behalf

According to a Financial Times report on April 13, Meta ( META) is developing a highly anthropomorphic AI digital twin. The technology aims to precisely replicate CEO Mark Zuckerberg's speech, behavior, tone, thought patterns, and strategic judgment. In the future, this AI will replace Zuckerberg to interact directly with the company's 78,000 employees for conversations, feedback, and Q&A.

Turning Point in Amazon Contractor Case: Trump Labor Board Pushes for Settlement

The U.S. federal government is currently working toward a settlement regarding a long-standing dispute over Amazon's ( AMZN) treatment of delivery drivers. The move is intended to avoid a potentially landmark ruling that would designate Amazon as a "joint employer" of these drivers. Amazon has long maintained that these workers are not its direct employees, but rather employees of contractors.

Key Data and Events Preview

US March Existing Home Sales Annualized (10,000 units)

IMF and World Bank hold Spring Meetings through April 17

OPEC releases Monthly Oil Market Report