Dow Futures Surge Over 400 Points Ahead of Fed Minutes

A pullback in crude prices is sending the broader market surging this afternoon, the S&P 500 Index (SPX), Nasdaq Composite (IXIC), and Dow Jones Industrial Average (DJI) all sporting healthy gains midday. West Texas Intermediate (WTI) crude is off 4.5%, back below $100 per barrel. Investors are also shifting focus to Nvidia's (NVDA) highly anticipated earnings report, which is due out after today's close. April's Federal Reserve meeting minutes are also expected to release at 2 p.m. ET. Bond yields are cooling from this week's impressive run higher, while eyes remain on developing U.S.-Iran tensions.

• Lowe's stock shakes off quarterly beat.
• Another retailer eyeing a grim post-earnings move.
• Plus, put Macy's stock options pop; fintech name surging; RDDT reels in more losses.

Macy's Inc (NYSE:M) stock is up 3.7% to trade at $19.74, headed for a fourth-straight win. M has shed 11.5% in 2026, but still remain a ways off its June annual low of $10.54. Options traders are circling the retailer today, with 24,000 calls across the tape so far. This is seven times the average daily rate, with the May 20 call and weekly 5/29 19-strike call taking up the most attention, with opening activity detected at the former.

Near the top of the New York Stock Exchange (NYSE) is Klarna Group PLC (NYSE:KLAR), up 8.3% at $16.39 after the "buy now, pay later" fintech launched a shopping search app within ChatGPT. KLAR has been on a long-term downtrend, off 46% in 2026, though new support emerged at its 50-day moving average.

Online chat forum Reddit Inc (NYSE:RDDT) is near the bottom of the NYSE, last seen down 5.5% to trade at $146.44, pushing aside news the company is expanding its availability for its AI ad suite, Max Campaigns. Despite a significant amount of underperformance in 2026, RDDT remains 39% higher year-over-year. The 60-day moving average and $140 area look to have captured recent pullbacks.