U.S. stock futures are lower ahead of the Wall Street open and are extending yesterday’s modest losses.

Stocks posted a losing session on Tuesday, led by a nearly 400-point decline in the Dow. Financials were the worst-performing group after JPMorgan Chase (JPM) fell over 4% despite beating earnings estimates.

Inflation data came in below expectations on Core numbers with the year-over-year figures at 2.6%, which initially gave equities a boost yesterday morning.

President Trump’s attacks on Fed Chair Powell and interest rates has created headline risks for stocks this week after the S&P 500 hit an all-time high on Monday.

Investor focus will remain on earnings today with reports due from more financial companies along with economic data. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices ⁠are up 1% near $61.75 a barrel and rose for a fifth straight session on fears of Iranian supply disruptions due to deadly civil unrest and as ‍the U.S. and Iran traded threats.
• Gold (/GC) – Gold prices are up 1% near $4640 and jumped to a record high overnight while silver futures (/SI) broke ‍above $90 for the first ‍time. Escalating tension ‍in Iran and concern over the Federal Reserve’s autonomy fueled safe-haven demand, while softer inflation readings boosted rate cut bets.
• Bitcoin (/BTC) – The Crypto Future is up 0.8% near 95,300 in premarket trading.
• VIX – The CBOE Volatility Index was up 5.7% on Tuesday and settled at 15.98 as stocks fell modestly.
• U.S. Dollar (/DX) – The dollar is flat at 98.9.

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

1. Mosaic (MOS): +2.37%
2. Huntington Ingalls (HII): +2.03%
3. Intel (INTC): +1.76%
4. Freeport McMoRan (FCX): +1.53%
5. Netflix (NFLX): +1.49%

1. Fortinet (FTNT): -3.36%
2. Palo Alto Networks (PANW): -2.02%
3. D.R. Horton (DHI): -1.77%
4. Intuit (INTU): -1.70%
5. Wells Fargo (WFC): -1.67%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:30 AM ET: PPI (Delayed), Retail Sales (Delayed)
• 9:50 AM ET: Fed’s Paulson Speaks
• 10:00 AM ET: Existing Home Sales, Fed’s Miran Speaks, Business Inventories (Delayed)
• 10:30 AM ET: Oil Inventories
• 12:00 PM ET: Fed’s Bostic Speaks, Fed’s Kashkari Speaks
• 2:00 PM ET: Beige Book
• 2:10 PM ET: Fed’s Williams Speaks

Notable Earnings

• Premarket: BAC, C, INFY, WFC
• Postmarket: FUL
• Premarket Tomorrow: BLK, FHN, GS, MS, TSM
• Postmarket Tomorrow: JBHT

Upgrades/Downgrades

• Stephens upgrades Okta (OKTA) to Overweight from Equal Weight
• Wolfe Research upgrades Cheniere Energy (LNG) to Outperform from Peer Perform
• TD Cowen upgrades CME Group (CME) to Buy from Hold
• Guggenheim downgrades Warner Bros. Discovery (WBD) to Neutral from Buy
• TD Cowen downgrades BlackRock (BLK) to Hold from Buy
• Jefferies downgrades Tapestry (TPR) to Hold from Buy

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