--- title: "North American Morning Briefing: Futures Up, Oil Climbs as Uncertainty Over Peace Deal Remains" type: "News" locale: "en" url: "https://longbridge.com/en/news/287346289.md" description: "Stock futures rose as a tech rally continued amid skepticism over U.S.-Iran negotiations, which could impact energy prices and inflation. Brent crude oil futures climbed to around $105 a barrel. Notable stock movements included Deckers Outdoor's Hoka brand driving sales, Lenovo's revenue growth, and Estee Lauder's shares rising after Puig ended merger talks. The market awaits the University of Michigan's consumer survey and reacts to geopolitical tensions affecting currencies and commodities." datetime: "2026-05-22T10:22:54.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287346289.md) - [en](https://longbridge.com/en/news/287346289.md) - [zh-HK](https://longbridge.com/zh-HK/news/287346289.md) --- # North American Morning Briefing: Futures Up, Oil Climbs as Uncertainty Over Peace Deal Remains OPENING CALL Stock futures were on the rise on Friday as a tech-led rally continued and investors remained skeptical over U.S.-Iran negotiations. Disputes over Iran's uranium stockpile and the Strait of Hormuz keep a final deal between Washington and Tehran uncertain, fueling concerns that sustained high energy prices could raise global inflation and potentially force the Federal Reserve to raise interest rates. "This is not the first time a deal seemed close, only for negotiations to break down," ING said. "So, there's a large segment of the market that will be more skeptical about the positive signals we are seeing." Brent crude oil futures were rising to around $105 a barrel while the 10-year Treasury yield was steady. Meanwhile, Trump will host the swearing-in of new Federal Reserve Chair Kevin Warsh on Friday morning, the first time a central bank chief has taken the oath of office in the White House in nearly 40 years. Warsh is unlikely to deliver Trump's desired rate cuts if not warranted by data but he could limit or delay any rate rises, Standard Chartered said. Traders will also look to position themselves ahead of a long weekend, with markets closed Monday for Memorial Day. Stocks to Watch Demand for Deckers Outdoor's Hoka shoe brand drove sales higher, helping offset tariffs and other challenges during the recent quarter. Shares retreated premarket. IBM, GlobalFoundries, D-Wave Quantum: Shares in quantum-computing companies jumped premarket, extending gains that came Thursday after the Commerce Department announced $2 billion in grants, in deals including equity stakes, to advance the technology. IMAX is exploring a sale, The Wall Street Journal reported. Shares rose in out-of-hours trading. Lenovo recorded its fastest revenue growth in years, driven by strong demand for AI-enabled devices and infrastructure. Shares surged nearly 20% in Hong Kong and ticked up in U.S. premarket trading. Nvidia's shares ticked higher premarket, after retreating Thursday following its better-than-expected earnings report. Other chip makers advanced premarket, including Intel and Advanced Micro Devices. Puig said they have terminated discussions of a potential business combination with Estee Lauder, ending speculation that the two could create one of the world's largest beauty companies. Estee Lauder's shares climbed 11% in premarket trading, while Puig shares sank 14%. Watch For: University of Michigan Final Consumer Survey for May Today's Top Headlines/Must Reads: \- Trump Picked Warsh to Cut Rates. Markets Are Bracing for the Opposite \- EU's Carbon Border Levy Is Growing Source of Tension for Ukraine \- How SpaceX's IPO Cements Elon Musk's Grip on the Company MARKET WRAPS Forex: The dollar traded steady as investors awaited more clarity over the Middle East conflict. The euro fell. The currency could extend losses against the dollar as there was scope for U.S.-eurozone interest rate differentials to shift further against the exchange rate, ING said. Sterling was little moved as investors shrug off data that showed U.K. retail sales swung lower and public sector borrowing expanded in April. Bonds: Yields on Treasurys declined as hopes reemerge of possible resolution to the U.S.-Iran conflict. Two-year yields were only slightly lower at 4.083% amid concerns that high inflation could lead the Fed to increase interest rates. Energy: Oil prices climbed on uncertainty surrounding the U.S.-Iran negotiations as the weekend approaches, with many market participants doubting the two parties will reach an agreement on Hormuz and Tehran's nuclear program. Metals: Gold prices held above $4,500 an ounce but remain on track for a weekly loss, pressured by a stronger dollar and fears of higher interest rates . Copper Copper prices were higher in early trade on strong fundamentals. Recent earnings updates from mining companies suggested that supply additions this year were likely to fall short of expectations, leaving the tightness in the copper concentrate market unresolved, Jinrui Futures said. Iron Iron ore was higher in early Asia trading. The supply-demand dynamic for iron ore remained largely unchanged, according to Baocheng Futures. TODAY'S TOP HEADLINES Slumming It With Swatch Is a Clever Move for Audemars Piguet What's in it for one of the most elitist luxury watchmakers in the world to lend its name to a lurid $400 plastic watch? The early verdict on Audemars Piguet's viral collaboration is that Swatch is the big winner. But AP is playing a longer game. The chaotic scenes this past week outside Swatch stores probably weren't the optics it had in mind. But they still put the brand before a new audience. Puig's Shares Slump After Termination of Merger Talks With Estee Lauder Shares in Puig Brands plunged following the termination of talks with U.S. cosmetics company Estee Lauder over a potential merger. Madrid-listed shares fell more than 14% in European morning trading, while Estee Lauder's stock was up over 10% in premarket trading. Richemont Sales Growth Accelerates on Continued Jewelry Demand Cartier owner Richemont reported an acceleration in sales growth for its most recent quarter despite a hit from the Middle East conflict, saying it benefited from strong jewelry demand across regions. The Swiss luxury-goods company's exposure to jewelry and wealthy clients has helped it continue to post top-line growth even as some of its peers struggled with weaker demand, at a time when economic and geopolitical instability cloud the industry's prospects. Lenovo Targets $100 Billion Annual Revenue Within Two Years After Stellar Quarter Lenovo Group recorded its fastest revenue growth in years, driven by strong demand for AI-enabled devices and AI infrastructure, and targets hitting the $100 billion sales milestone within the next two years. The world's largest personal-computer maker said Friday that revenue surged 27% to $21.60 billion for the three months ended March, with AI-related revenue accounting for 38% of the total. The quarterly growth-its strongest in five years-brought revenue for the full year to $83.1 billion, the company said. Trump Picked Warsh to Cut Rates. Markets Are Bracing for the Opposite. President Trump chose Kevin Warsh to run the Federal Reserve to secure the lower interest rates he has demanded for the past year. A suddenly pressing question is whether Warsh would have political cover to do the opposite and raise them. Warsh is set to be sworn in as the nation's top central banker at the White House on Friday, the first Fed chair to take the oath there since Alan Greenspan in 1987. It is also his first public appearance with Trump since the president chose him in January after a monthslong public contest. How Weird Are ETFs Getting? Try UFO and Midnight-Bitcoin Funds Cheap, reliable exchange-traded funds are a basic building block of investing. Increasingly, however, ETFs are becoming a high-cost conduit for concentrated, risky or weird strategies. So investors need to start approaching ETFs with caution. All too many of the newer ones are investment junk food. And, just as with candy, cookies or french fries, filling up on them can be bad for you. German Business Confidence Edges Higher Though War Concerns Still Weigh German business sentiment rebounded marginally this month, though it remains near multiyear lows, as companies adapt to the energy shock prompted by the closure of the Strait of Hormuz. While confidence had improved through the end of last year, helped by pledged fiscal stimulus and the easing of tensions with the U.S. over trade tariffs, it swiftly sank on the outbreak of the war in Iran. Cuba Has Few Defenses if the U.S. Military Moves Against It Cuba's armed forces once fielded tens of thousands of well-trained soldiers during the height of the Cold War, deploying to conflicts from Angola to Syria. Today, as the U.S. sends an aircraft carrier to the Caribbean in a pressure campaign to change the island's Communist government, Cuba's military is a ghost of its former self. Trump's Envoy Gets Chilly Reception on First Trip to Greenland NUUK, Greenland-Jeff Landry, the emissary picked by President Trump to win hearts and minds in Greenland, walked through the quiet morning streets of the capital this week, trailed by one local woman. "Colonizers, go home," she shouted at the Louisiana governor and his entourage. "We don't want you here." House Republicans Pull Vote to Limit Trump's Iran War Powers WASHINGTON-House Republican leaders yanked a planned vote to restrict President Trump's ability to conduct military strikes against Iran, after it became clear that the resolution, forced to the floor by Democrats, would likely pass. "You don't have the votes!" Democrats shouted in a heated moment on the House floor, when Republicans moved to delay the vote until after lawmakers return from a weeklong Memorial Day recess. Iran Moved Billions Through Binance to Fund Regime-Continuing Into This Month As Iran braced for conflict with the U.S., a key regime financier built a secret payment network to keep money flowing to its military forces. At its core was Binance. Until as recently as December, the network, run by Babak Zanjani, an Iranian who is a self-described "antisanction" operator, made $850 million in transactions over two years on the world's largest cryptocurrency exchange, mostly on a single trading account, internal Binance compliance reports show. Write to priscila.barrera@wsj.com TODAY IN CANADA Earnings: \- Nothing major scheduled Economic Indicators (ET): 0830 Mar Employment Insurance 0830 Apr Industrial product and raw materials price indexes 0830 Mar Retail trade Stocks to Watch: (MORE TO FOLLOW) Dow Jones Newswires May 22, 2026 06:11 ET (10:11 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. ### Related Stocks - [OXY.US](https://longbridge.com/en/quote/OXY.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [XLK.US](https://longbridge.com/en/quote/XLK.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [IEZ.US](https://longbridge.com/en/quote/IEZ.US.md) - [SOXQ.US](https://longbridge.com/en/quote/SOXQ.US.md) - [RSPT.US](https://longbridge.com/en/quote/RSPT.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [IXN.US](https://longbridge.com/en/quote/IXN.US.md) - [ING.US](https://longbridge.com/en/quote/ING.US.md) - [02888.HK](https://longbridge.com/en/quote/02888.HK.md) - [DECK.US](https://longbridge.com/en/quote/DECK.US.md) - [IBM.US](https://longbridge.com/en/quote/IBM.US.md) - [GFS.US](https://longbridge.com/en/quote/GFS.US.md) - [QBTS.US](https://longbridge.com/en/quote/QBTS.US.md) - [IMAX.US](https://longbridge.com/en/quote/IMAX.US.md) - [01970.HK](https://longbridge.com/en/quote/01970.HK.md) - [LNVGY.US](https://longbridge.com/en/quote/LNVGY.US.md) - [00992.HK](https://longbridge.com/en/quote/00992.HK.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [AMD.US](https://longbridge.com/en/quote/AMD.US.md) - [EL.US](https://longbridge.com/en/quote/EL.US.md) - [STAN.UK](https://longbridge.com/en/quote/STAN.UK.md) - [QBTS+.US](https://longbridge.com/en/quote/QBTS+.US.md) - [80992.HK](https://longbridge.com/en/quote/80992.HK.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) ## Related News & Research - [Trump Is Playing Chicken With the Country That Fuels Half of America — During a Global Energy Crisis](https://longbridge.com/en/news/293912348.md) - [Oil prices slip as tankers continue to ply Middle East conflict zones](https://longbridge.com/en/news/294279249.md) - [ANALYSIS-Drone strike in Egypt sparks security concerns about Suez oil exports](https://longbridge.com/en/news/294391476.md) - [W.Africa Crude - Crude differentials hold steady](https://longbridge.com/en/news/294094588.md) - [Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies](https://longbridge.com/en/news/294128765.md)