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Stock index futures jump as Trump suspends Iran attack for two weeks. (00:13) GoPro (GPRO) cutting workforce by 23% as part of restructuring. (01:19) Massive fire at Kimberly-Clark (KMB) California warehouse weighs on shares. (2:09)
This is an abridged transcript.
Stock index futures are higher before the bell as President Trump agreed to suspend the bombing of Iran for two weeks, subject to the opening of the Strait of Hormuz.
As of the time of this recording, S&P 500 futures (SPX) jumped 2.7%, Nasdaq 100 futures (US100:IND) soared 3.4%, and Dow futures (INDU) advanced 2.4%.
Crude oil is down 15% to $95 and Brent crude is down 13% at $94.
In the world markets, the FTSE 100 is up 2.3% and the DAX is up 4.7%.
Trump said the U.S. has received a 10-point proposal from Iran, and it is “a workable basis on which to negotiate.”
According to a statement from Iran shared by President Trump on Truth Social, the Minister of Foreign Affairs said if attacks are halted they will cease their defensive operations. It goes on to say that safe passage through the Strait is possible if it’s coordinated with Iran’s Armed Forces.
GoPro (GPRO) is restructuring its business to lower operating costs and improve leverage. This includes a workforce reduction of about 145 employees, or roughly 23% of its staff.
The job cuts will take place in Q2 and are expected to be substantially completed by the end of this year.
As a result of severance payments and healthcare benefits, GoPro (GPRO) expects to incur a charge of $11.5M to $15M, including cash expenditures of ~$1.5M in Q2, ~$5.5M to $8M in Q3, and ~$4.5M to $5.5M in Q4.
The reorganization comes as the company struggles to earn a profit over the past two years, most recently reporting a loss of $0.02 per share on the lack of any meaningful revenue growth.
GoPro (GPRO) shares are down 48% so far this year, underperforming the S&P 500 by 44 percentage points.
A massive fire at a Kimberly-Clark (KBM) warehouse in Southern California put pressure on shares on Tuesday.
KBM closed Tuesday 4% lower. But there’s somewhat of a reversal happening so far in premarket action, KBM is up 2 percent.
According to the fire department, the flames grew “exponentially,” at the 1.2 million square foot facility, resulting in the roof collapsing and forcing firefighters to retreat from the fire.
It appears the fire may have been set intentionally by an employee of the warehouse. A person of interest is currently in custody.
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Catalyst watch:
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FedEx (FDX) will hold an investor event focused on the FedEx Freight business ahead of the spinoff planned for June 1. Key topics could include margin improvement, network efficiency, and the role of data and automation in future growth.
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Zscaler (ZS) will participate in the Wells Fargo 2026 Software Symposium in Menlo Park.
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Costco (COST) will issue its monthly sales report.
The biggest movers for the day premarket: Levi Strauss (LEVI) +10% – Shares jumped after a strong Q1 beat, with consolidated revenue up 14% Y/Y and 9% on an organic basis, driven by broad-based growth across regions.
Economic calendar:
Editor’s Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.
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