Markets are pointing toward a mixed open today with S&P 500 futures (/ES) flat in early trading, while Nasdaq futures (/NQ) are up about +0.15% and Russell futures (/RTY) are down about -0.20%.

Nvidia (NVDA) CEO Jensen Huang said the new “Vera Rubin” platform of advanced chips is in “full production” and is expected to start shipping this year. Nvidia is little changed, but other chipmakers like Microchip Technology (MCHP), ON Semiconductor (ON) and Micron (MU) are leading the way in early trading as insatiable appetite from the market remains the theme for this sector.

Metals and miners also continue to show strength as copper hit record highs as A.I. infrastructure demand again poses potential supply disruptions, but gold and silver are also on the move to the upside today.

There is little in the way of notable earnings until Constellation Brands (STZ) in tomorrow’s postmarket, while ecodata on today’s docket includes the S&P Global PMI.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.4% amid continued shakeups around Venezuela.
• Gold (/GC) – Precious metals are showing continued strength as gold is up about +0.5% near 4,476 in early trading, continuing yesterday’s +2.7% rally.
• Bitcoin (/BTC) – The cryptocurrency future is taking a breather this morning, down about -0.3% near 94,350 after a +7.2% two-day gain.
• VIX – The VIX closed at 14.90 yesterday, falling from its initial highs above 15 but still finishing higher than Monday’s 14.51 close.
• U.S. Dollar (/DX) – The greenback is up around +0.2% around the 98.14 level after yesterday’s spike to 98.60 fizzled and resulted in a -0.12% loss.

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

1. Vistra (VST): +4.35%
2. Sandisk (SNDK): +3.75%
3. Microchip Tech (MCHP): +2.89%
4. Albemarle (ALB): +2.20%
5. Ball (BALL): +2.08%

1. American Intl. (AIG): -2.82%
2. Johnson Controls (JCI): -2.66%
3. Trane Technologies (TT): -2.50%
4. Equifax (EFX): -2.17%
5. D.R. Horton (DHI): -1.00%

Economic Data

• 6:00 AM ET: LMI Logistics Managers Index
• 8:00 AM ET: Fed’s Barkin Speaks
• 8:55 AM ET: Redbook - Week of Jan. 3
• 9:20 AM ET: NY Fed Bill Purchases 1-4 Months
• 9:45 AM ET: PMI Composite Final
• 4:30 PM ET: API Crude Oil Stock

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Tomorrow: ACI
• Postmarket Tomorrow: STZ

Upgrades/Downgrades

• Arete upgrades ServiceNow (NOW) to Buy from Neutral
• Raymond James upgrades Stryker (SYK) to Outperform from Market Perform
• Northcoast upgrades Axon (AXON) to Buy from Neutral
• Baird downgrades Wells Fargo (WFC) to Underperform from Neutral
• Arete downgrades AT&T (T) & Comcast (CMCSA) to Sell from Neutral
• Evercore ISI downgrades MetLife (MET) to In-Line from Outperform

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