U.S. stock futures are relatively flat ahead of the Wall Street open after falling modestly in Monday’s session.

Nvidia (NVDA) shares are slightly higher following a Truth Social post Monday evening that said the chipmaking giant could ship its H200 chips to “approved customers” in China and elsewhere under the condition that a quarter of the sales will be paid to the U.S. government. Trump wrote that Chinese President Xi Jinping “responded positively” to the deal.

Investor focus now turns to the FOMC meeting, which begins today. Expectations for a 25 basis-point cut are at a probability of 90% according to the CME Fedwatch Tool. While a rate cut is almost certain at this point, the Fed’s economic projections and Chairman Powell’s commentary will play a big role in how markets react. At October’s contentious meeting, Chair Powell noted in his presser that there were some "strongly differing views on how to proceed."    

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.2% near $59 a barrel, after a 2% drop in the previous session, with markets keeping a close eye on peace talks to end Russia’s war in Ukraine and a looming decision on U.S. interest rates.
• Gold (/GC) – Gold is up 0.3% near $4230 as investors positioned for the widely expected December Federal Reserve rate cut, even as attention shifted to whether policymakers will signal a slower easing path when their two-day meeting begins today.
• Bitcoin (/BTC) – The Crypto Future is down 0.1% near 90,900 in premarket trading.
• VIX – The CBOE Volatility Index rose 8.1% on Monday and settled at 16.66 as stocks fell.
• U.S. Dollar (/DX) – The dollar is flat at 99.1.

Biggest Premarket Movers (as of 7 AM ET)

1. CVS Health (CVS): +3.14%
2. Align Tech (ALGN): +1.47%
3. Eaton (ETN): +1.27%
4. Nvidia (NVDA): +0.85%
5. Pfizer (PFE): +0.74%

1. AutoZone (AZO): -2.18%
2. Home Depot (HD): -1.69%
3. Norwegian Cruise Line (NCLH): -1.62%
4. Tesla (TSLA): -0.81%
5. Micron (MU): -0.66%

Economic Data

• 6:00 AM ET: NFIB Small Business Optimism Index
• 8:30 AM ET: Productivity & Costs
• 10:00 AM ET: JOLTS (October)
• 1:00 PM ET: 10-Year Note Auction

Notable Earnings

• Premarket: ASO, AZO, CAL, CPB, CNM, DBI, GIII, KFY, LE, OLLI, SAIL
• Postmarket: AVAV, AOUT, BRZE, CASY, CBRL, PLAY, GME
• Premarket Tomorrow: CHWY, MOMO, PLAB, REVG, UEC
• Postmarket Tomorrow: ADBE, NDSN, ORCL, PL, SNPS, MTN

Upgrades/Downgrades

• KGI Securities upgrades Intel (INTC) to Outperform from Hold
• Rosenblatt upgrades Synopsys (SNPS) to Buy from Neutral
• Wolfe Research upgrades Eaton (ETN) to Outperform from Peer Perform
• Seaport Research downgrades Warner Bros. Discovery (WBD) to Neutral from Buy
• Goldman Sachs downgrades Norwegian Cruise Line (NCLH) to Neutral from Buy
• Arete downgrades PDD Holdings (PDD) to Neutral from Buy

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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