Jun E-mini S&Ps (ESM17 +0.12%) this morning are little changed, up +0.01% ahead of a speech by Fed Chair Yellen today. Losses were limited due to strength in energy producing stocks as May WTI crude oil (CLK17 +1.01%) gained +0.67% after Libya shut its biggest oil field down for the second time in 2 weeks. European stocks are down -0.50% on an increase in French presidential election risks after the latest polls show pro-EU candidate Emmanuel Macron and anti-EU candidate Marine Le Pen tied just 2-weeks before France’s presidential election. Losses in European stocks were contained after the Eurozone Apr Sentix investor confidence rose more than expected to a 9-1/2 year high. Asian stocks settled mixed: Japan +0.71%, Hong Kong -0.02%, China -0.52%, Taiwan +0.09%, Australia +0.86%, Singapore +0.13%, South Korea -0.65%, India -0.44%. South Korean stocks moved lower as the South Korean Kospi 200 Stock Index fell to a 3-week low after an American aircraft carrier bound for Australia was diverted to North Asia, which fueled speculation the U.S. may take a more aggressive stance against North Korea.

The dollar index (DXY00 +0.03%) is up +0.04% at a 3-week high. EUR/USD (^EURUSD) is down -0.12% at a 1-month low. USD/JPY (^USDJPY) is up +0.19%.

Jun 10-year T-note prices (ZNM17 -0.08%) are down -1 tick.

St. Louis Fed President Bullard (non-voter) said “I don’t think we need a lot of rate increases in order to keep inflation close to target and employment close to our goals” and that only one more 25 bp rate increase this year will be needed before the Fed begins to prioritize the run off of its portfolio of government bonds.

Eurozone Apr Sentix investor confidence rose +3.2 to 23.9, stronger than expectations of +0.3 to 21.0 and a 9-1/2 year high.

Key U.S. news today includes: (1) Treasury auctions $ 24 billion 3-year T-notes, (2) Fed Chair Janet Yellen speaks at the University of Michigan Ford School of Public Policy and will take questions from the audience and Twitter, (3) USDA weekly grain export inspections.

Notable Russell 1000 earnings reports today include: none.

U.S. IPO’s scheduled to price today:

Equity conferences: Barclays Chicago Conference on Tue, Bank of America Merrill Lynch Auto Summit on Wed, Next Generation Pharmaceutical Samples Conference on Wed-Thu.

Amazon.com (AMZN -0.38%) was upgraded to ‘Buy’ from ‘Hold’ at Needham with a price target of $ 1,100.

Skechers U.S.A (SKX -2.82%) was upgraded to ‘Neutral’ from ‘Negative’ at Susquehanna with a 12-month target price of $ 25.

Tesla (TSLA +1.29%) gained nearly 2% in pre-market trading after it was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray.

Cypress Semiconductor (CY +3.11%) was upgraded to ‘Buy’ from ‘Hold’ at SunTrust Robinson Humphrey with a target price of $ 17.

AMC Networks (AMCX +0.17%) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray.

Pinnacle Foods (PF -0.70%) was upgraded to ‘Overweight’ from ‘Equal-Weight’ at Morgan Stanley.

J.M. Smucker (SJM -0.03%) was downgraded to ‘Underweight’ from ‘Equal-Weight’ at Morgan Stanley.

Ulta Beauty (ULTA -0.16%) was upgraded to ‘Buy’ from ‘Hold’ at Loop Capital Markets with a price target of $ 350.

Wells Fargo (WFC -0.96%) was upgraded to ‘Neutral’ from ‘Underweight’ at Piper Jaffray with a 12-month target price of $ 55.

Progressive (PGR +0.10%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Keefe, Bruyette & Woods with a price target of $ 45.

Host Hotels ({=HST was upgraded to ‘Neutral’ from ‘Sell’ at Goldman Sachs.

Akorn (AKRX +18.04%) jumped 8% in after-hours trading after Fresenius SE said it is currently in discussions with Akorn for a potential purchase of the company.

Ocean Power Technologies (OPTT +0.94%) dropped 7% in after-hours trading after it filed to sell 3.99 million shares of common stock.

Jun E-mini S&Ps (ESM17 +0.12%) this morning are up +0.25 points (+0.01%). Friday’s closes: S&P 500 -0.08%, Dow Jones -0.03%, Nasdaq -0.05%. The S&P 500 on Friday closed lower on geopolitical concerns that led to long liquidation pressure in stocks after the U.S launched a cruise missile attack against Syria on Thursday evening. Stocks were also undercut by the paltry +98,000 increase in U.S. Mar non-farm payrolls (vs expectations of +180,000) although the weak payroll report was largely the result of the winter storm that hit the Northeastern U.S. in mid-March. Stocks found underlying support on the unexpected -0.2 point decline in the U.S. Mar unemployment rate to 4.5%, better than expectations of unchanged at 4.7% and the lowest in 9-3/4 years. There was also strength in energy producing stocks after crude oil rallied to a 1-month high.

Jun 10-year T-notes (ZNM17 -0.08%) this morning are down -1 tick. Friday’s closes: TYM7 -10.00, FVM7 -7.75. Jun 10-year T-notes on Friday posted a 4-1/2 month high but erased their gains and closed lower. The weak +98,000 payroll report appeared to caused mainly by bad weather and the T-note market focused more on the unexpected fall in the U.S. Mar unemployment rate to a 9-3/4 month low of 4.5%, which bolsters the case for additional Fed rate hikes. T-notes initially rallied to a 4-1/2 month high on increased safe-haven demand after the U.S. launched a cruise missile attack against Syria on Thursday evening.

The dollar index (DXY00 +0.03%) this morning is up +0.04 (+0.04%) at a fresh 3-week high. EUR/USD (^EURUSD) is down -0.12% at a 1-month low and USD/JPY (^USDJPY) is up +0.21 (+0.19%). Friday’s closes: Dollar index +0.51 (+0.51%), EUR/USD -0.0053 (-0.50%), USD/JPY +0.28 (+0.25%). The dollar index on Friday climbed to a 3-week high and settled higher on the fall in the U.S. Mar unemployment rate to a 9-3/4 year low of 4.5%, which may prompt the Fed to speed up its pace of rate hikes. There was also weakness in EUR/USD which fell to a 3-week low after ECB Executive Board member Coeure said that the Syria situation is a “downside risk” to the Eurozone.

May WTI crude oil prices (CLK17 +1.01%) this morning are up +35 cents (+0.67%) and May gasoline (RBK17 +0.50%) is +0.0046 (+0.26%). Friday’s closes: May crude +0.54 (+1.04%), May gasoline +0.0166 (+0.96%). May crude oil and gasoline on Friday closed higher with May crude at a 1-month high and May gasoline at a 1-1/2 year nearest-future high. Crude oil prices were boosted by geopolitical concerns after the U.S. launched cruise missiles into Syria, which may expand Syria’s civil war and potentially lead to disruption of Middle Eastern crude supplies. Crude oil prices also have continued support from expectations that OPEC will extend its production cuts past June. Bearish factors included the rally in the dollar index to a 3-week high and the Baker Hughes report that U.S. active oil rigs in the week ended Apr 7 rose +10 to 672, the most in 1-1/2 years.