Equity index futures are mostly higher as the final trading day of the week begins, as Nvidia’s (NVDA) post-earnings hangover continues after a whipsaw day that saw the S&P 500 (SPX) fall -1.55% and the Nasdaq 100 (NDX) drop -2.38%.

Markets slumped despite Nvidia’s strong earnings beat, prompting worries that the red-hot artificial intelligence boom may be cooling. Meanwhile, the world of cryptocurrency is also facing steep declines with Bitcoin futures (/BTC) down over -3% with other products like Ethereum and Ripple struggling.

Today’s ecodata includes Wholesale Inventories, PMI Flash, and Michigan Consumer Sentiment, as well as several Fed speakers. Earnings are light to conclude the week with BJ’s Wholesale Club (BJ) this morning, with Agilent Technologies (A), Keysight (KEYS), and Zoom Communications (ZM) on Monday. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 1.0% to 58.30.
• Gold (/GC) – Gold futures are flat near 4,060, as price continues to drift sideways.
• Bitcoin (/BTC) – Bitcoin futures are down -3.4% near 83.5K, as steep losses continue and the crypto is down about -35% from its all-time highs.
• VIX – The VIX closed at 26.42 yesterday, up from 23.66 on Wednesday.
• U.S. Dollar (/DX) – The dollar is flat at 100.1.

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

1. Intuit (INTU): +3.23%
2. Ross Stores (ROST): +2.31%
3. Warner Bros. Discovery (WBD): +1.40%

1. Albemarle (ALB): -4.00%
2. Copart (CPRT): -2.10%
3. T-Mobile U.S. (TMUS): -0.91%

Economic Data

• 7:30 AM ET: Fed’s Williams Speaks
• 8:30 AM ET: Fed’s Barr Speaks
• 9:00AM ET: Fed’s Logan Speaks, Fed’s Collins Speaks
• 9:45AM ET: PMI Composite Flash
• 10:00 AM ET: Consumer Sentiment, Wholesale Inventories (August, Delayed)
• 1:00 PM ET: Baker Hughes Rig Count

Notable Earnings

• Premarket: BJ
• Postmarket: None
• Premarket Monday: None
• Postmarket Monday: A, SYM, KEYS, ZM

Upgrades/Downgrades

• William Blair upgrades Cognizant (CTSH) to Outperform from Market Perform
• Citi upgrades Wynn Resorts (WYNN) to Buy from Neutral
• Oppenheimer downgrades T-Mobile (TMUS) to Perform from Outperform
• HSBC downgrades Palo Alto (PANW) to Reduce from Hold
• Citi downgrades MGM Resorts (MGM) to Neutral from Buy

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