U.S. stock futures are slightly lower in premarket trading as valuation concerns around the artificial intelligence trade persisted after chipmaker Advanced Micro Devices (AMD) posted its latest quarterly results.

AMD is down 2.7% after it issued margin guidance that only met analyst expectations. The moves come after stocks sold off on Tuesday that were triggered by a fall in tech stocks led by a 9% loss in Palantir (PLTR) shares.

Investors will continue to watch earnings fallout today along with the ADP employment report and services data.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down slightly near $60.30 a barrel as OPEC+’s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market.
• Gold (/GC) – Gold prices are up 0.4% near $3975 and rebounding as the dollar hit three-month highs, while traders awaited U.S. economic data for clues on the Federal Reserve’s monetary policy path.
• Bitcoin (/BTC) – The Crypto Future is up about 2% near 102,900 in premarket trading.
• VIX – The CBOE Volatility Index jumped over 10% on Tuesday and settled at 19 as stocks were sharply lower.
• U.S. Dollar (/DX) – The dollar is flat at 100.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Johnson Controls (JCI): +5.37%
2. Mosaic (MOS): +5.12%
3. Coinbase (COIN): +2.84%

1. Axon Enterprise (AXON): -17.30%
2. Arista Networks (ANET): -9.22%
3. Zimmer Biomet (ZBH): -7.94%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:15 AM ET: ADP Employment Report
• 9:45 AM ET: PMI Composite Final
• 10:00 AM ET: ISM Services Index
• 10:30 AM ET: Oil Inventories

Notable Earnings

• Premarket: GOLF, AES, BG, CCJ, CNK, DIN, EMR, FIS, HUM, JCI, MCD, OC, PSN, PPL, SMG, SEDG, SONO, TBLA, TEVA, U, UP, WWW, ZBH
• Postmarket: ALB, ALL, AMC, APA, APP, ARM, ARRY, BMBL, CF, COHR, COTY, DVN, DASH, BROS, ELF, FIG, FTNT, ULCC, HUBS, IONQ, JOBY, KVYO, LZ, LCID, LYFT, MCK, MET, PAYC, QCOM, HOOD, SNAP, TKO, ZIP
• Premarket Tomorrow: APD, ATUS, AZN, ATHM, BDX, GOOS, BLMN, CARS, COP, CMI, QBTS, DDOG, DD, H, KVUE, DNUT, MRNA, NRG, PZZA, PH, PENN, PLNT, RL, ROK, FOUR, TPR, TRIP, UAA, VST, SEAT, YETI
• Postmarket Tomorrow: AMRK, AFRM, ABNB, AKAM, ACHR, XYZ, CARG, CE, CC, DKNG, DBX, EXPE, HRB, MCHP, MP, NWS, OPEN, PTON, RXT, SNDK, SOLV, SOUN, RUN, SG, TTWO, TXRH, TTD, WYNN, YELP

Upgrades/Downgrades

• Evercore ISI upgrades Yum! Brands (YUM) to Outperform from In Line
• KGI Securities upgrades Super Micro (SMCI) to Outperform from Neutral
• RBC Capital upgrades Mosaic (MOS) to Outperform from Sector Perform
• Rosenblatt downgrades Pinterest (PINS) to Neutral from Buy
• BNP Paribas Exane downgrades Fiserv (FI) to Neutral from Outperform
• JPMorgan downgrades Archer Daniels Midland (ADM) to Underweight from Neutral

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.