Premarket has one dominant theme and one wildcard.

The five-day pause in U.S. strikes against Iran is reshaping the energy trade in real time, lifting travel names and punishing oil stocks as investors reassess how long elevated crude prices can hold.

Away from the geopolitical unwind, a clinical-stage biotech is surging on drug trial data that clears a meaningful hurdle toward commercialization. And in the background, an activist just showed up in a chip software name with a multibillion-dollar bet.

Every modern rocket engine relies on extreme-performance materials. But there’s a limited global supply supporting a rapidly expanding space industry.

Read the full report to see why it matters… and which player might matter most.

Apogee Therapeutics (APGE): +38%

The biotech is surging after reporting maintenance data from a mid-stage trial of its experimental atopic dermatitis therapy, showing the drug continued to deepen patient responses over time. For a clinical-stage company still working toward a Phase 3 start, data like this is exactly what the market needs to see, and investors are pricing in a meaningfully cleaner path to commercialization.

Flutter Entertainment (FLUT): +8%

Senators are preparing bipartisan legislation that would ban sports bets on prediction markets. Both DraftKings (DKNG) and Flutter Entertainment, owner of FanDuel, are rallying hard on the news. The threat from platforms like Kalshi has been the single biggest overhang on both stocks for months, so any sign of regulatory intervention putting guardrails on those competitors reads as a major relief trade.

Southwest Airlines (LUV): +3%

President Trump announced a five-day pause on U.S. strikes against Iranian energy infrastructure, and airlines immediately caught a bid. The group had been under pressure as the U.S.-Iran war raised fears about fuel costs and consumer spending, so a ceasefire window, however temporary, changes the calculus.

Synopsys (SNPS): +1%

Elliott Investment Management has taken a multibillion-dollar stake in the chip-design software company, as per the Wall Street Journal. Elliott believes Synopsys's financial performance hasn't kept pace with its actual value, and when that firm shows up with that kind of conviction, the market listens.

Occidental Petroleum (OXY): -3%

Energy stocks are sliding as the Iran ceasefire news drains the war premium out of crude prices. Investors who had been positioned for sustained disruption to Middle East energy supply are unwinding those trades fast, and the prospect of the Strait of Hormuz reopening makes the whole thesis look different.

EOG Resources (EOG): -1.5%

EOG is getting caught in the same unwind. The stock had been propped up partly by the assumption that elevated oil prices would hold, and that assumption is getting tested this morning alongside the rest of the energy complex.

Chevron (CVX): -1%

Chevron is the steadiest name in the group and is taking the smallest hit, but it isn't immune. When the geopolitical bid leaves oil, it leaves the whole sector, and this morning is no exception.

Every modern rocket engine relies on extreme-performance materials. But there’s a limited global supply supporting a rapidly expanding space industry.

Read the full report to see why it matters… and which player might matter most.

Nebius Group (NBIS)

The AI infrastructure company has become one of the most debated tickers in retail circles after landing a $27 billion combined deal with Meta and Microsoft to supply dedicated GPU cluster capacity. The bull case on r/wallstreetbets is straightforward: the contract backlog is worth more than the entire market cap, and the hyperscalers are coming to Nebius because they can't build fast enough themselves.

The bear case is equally straightforward: the company is burning cash at a staggering rate. The stock has pulled back from its highs last week, and retail traders are split on whether this is a good entry point or a warning sign. The next test is whether revenue trajectory through 2026 stays on pace for the company's own $3 to $4 billion guidance range.

✌️That’s it for today.