The S&P 500 futures currently trade 114 points above fair value.
Oil-sensitive stocks such as airlines and cruise lines are surging in the premarket following President Trump's commentary that the U.S. and Iran engaged in productive discussions to end all hostilities.
Iran's Fars News Agency refuted President Trump's claims, saying that no direct or indirect talks with the U.S. have occurred despite President Trump's statements, according to CNBC, citing a Reuters report.
Stocks are off their premarket highs that immediately followed President Trump's comments but remain firmly above fair value levels.