Thomas White

Thomas White

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Technology
Volatility
Earnings
Technology
Volatility
Earnings

After Tech Selloff, Stock Futures Higher

PUBLISHED  | 3 min read
Thomas White

Thomas White

Co-Host
SHARE

U.S. stock futures are higher in premarket trading and rebounding from Friday’s sell-off.

The moves come after a volatile week and month for equities with the tech-heavy Nasdaq-100 (NDX) falling over 3% on Friday and 6.7% in October. Despite the recent tech weakness, stocks finished October mixed with the Dow Index ($DJI) and the Small-cap Russell 2000 (RUT) rising last month.

Falling oil prices are supporting stock gains with WTI futures down more than 4% this morning to near $99.50 a barrel. Investor focus will be on earnings this week with Apple (AAPL) due after the close and Advanced Micro Devices (AMD) reporting on Tuesday afternoon. Traders will also digest employment data this week with eyes on Friday’s nonfarm payrolls report.

Snapshot

  • Oil (/CL) – Oil futures are down 4.4% near $99.50 a barrel amid reports that both the U.S. and Iran are seeking diplomatic options to bring an end to the Middle East conflict.
  • Gold (/GC) – Gold futures are up 0.31% $3,910.40 per ounce after hitting ​a one-year low on Friday, as a drop in oil prices this morning eased some inflation concerns.
  • Bitcoin (/BTC) – The cryptocurrency futures are up 1.3% to 77,975.
  • VIX (/VIX) – The CBOE Volatility Index is down 0.67% to 19.29 after hitting a six-month high Friday.
  • U.S. Dollar ($DXY) – The dollar index is down 0.3% to $101.581.

Big Premarket Movers

Advancers:

  • EchoStar Corp (ECHO) 7.44%
  • IDEXX Labs Inc (IDXX) 4.68%
  • Charles River Laboratories International Inc. (CRL) 3.78%
  • AppLovin Corp (APP) 3.33%
  • Estée Lauder Companies Inc (EL) 3.22%

Decliners:

  • T-Mobile US Inc (TMUS) -2.84%
  • J.B. Hunt Transportation Services (JBHT) -2.72%
  • Verizon Communications (VZ) -2.62%
  • AT&T Inc (T) -2.43%
  • Vivmark Residential REIT (VMRK) -2.26%

Economic Data (ET)

  • 09:45 AM: PMI Manufacturing - Final
  • 10:00 AM: ISM Manufacturing Index
  • 10:00 AM: Construction Spending
  • 11:15 AM: Fed’s Goolsbee speaks

Notable Earnings

  • Premarket: MAR, TEM
  • Postmarket: AAPL, CLX, ON, PLTR, ROKU, WMB
  • Premarket Tuesday: APO, DD, KDP, PFE, SHOP, YUM
  • Postmarket Tuesday: AMD, AMGN, ANET, BKNG, SMCI, SWKS, XYZ

Upgrades/Downgrades

Upgrades:

  • Deutsche Bank upgrades CrowdStrike (CRWD) from Hold to Buy
  • Phillip Securities upgrades Amazon (AMZN) from Accumulate to Buy
  • Stephens upgrades Oracle (ORCL) from Equal Weight to Overweight
  • Raymond James upgrades Aon (AON) from Underperform to Market Perform
  • UBS upgrades Rivian (RIVN) from Neutral to Buy
  • Evercore ISI upgrades Mohawk Industries (MHK) from In Line to Outperform
  • Evercore ISI upgrades Clorox (CLX) from Underperform to In Line

Downgrades:

  • Evercore ISI downgrades Reddit (RDDT) from Outperform to In Line
  • Loop Capital downgrades Reddit (RDDT) from Buy to Hold
  • Morgan Stanley downgrades Coinbase (COIN) from Equal Weight to Underweight
  • Goldman Sachs downgrades Floor & Decor (FND) from Neutral to Sell

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