U.S. stock futures are slightly lower in premarket trading as investors awaited the release of consumer inflation data and the kick off to earnings season.

The December CPI report is due this morning with expectations of a 2.6% year-over-year number which would be just below the lower-than-expected November CPI results.

JPMorgan Chase (JPM) kicked off earnings season this morning with shares slightly higher after beating estimates on better-than-expected revenue from the bank’s trading operations.

Investor focus will remain on headline risks along with a deluge of data and earnings. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 2% near $60.70 a barrel and hit two-month highs as concerns Iran may reduce exports during a crackdown on the biggest anti-government demonstrations in years offset expectations supplies could rise from ‍Venezuela, another OPEC member under sanctions.
• Gold (/GC) – Gold prices are down 0.4% near $4595 just below its all-time high from yesterday, ‍supported by ongoing ‍geopolitical tensions, while investor ‍caution ahead of key inflation data limited upside momentum.
• Bitcoin (/BTC) – The Crypto Future is up 0.5% near 92,300 in premarket trading.
• VIX – The CBOE Volatility Index was up 4.3% on Monday and settled at 15.12 despite stocks moving higher.
• U.S. Dollar (/DX) – The dollar is up 0.1% to 98.8.

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

1. L3Harris (LHX): +11.99%
2. Revvity (RVTY): +8.05%
3. Huntington Ingalls (HII): +5.45%
4. Intel (INTC):+3.88%
5. Cardinal Health (CAH): +3.69%

1. Delta Airlines (DAL):-4.96%
2. CRH Public (CRH): -3.50%
3. Southwest Airlines (LUV): -1.71%
4. Synopsys (SNPS): -1.58%
5. HP Inc. (HPQ): -1.56%

Economic Data

• 6:00 AM ET: NFIB Small Business Optimism Index
• 8:30 AM ET: CPI
• 10:00 AM ET: New Home Sales (Delayed), Fed’s Musalem Speaks
• 1:00 PM ET: 30-Year Bond Auction
• 2:00 PM ET: Treasury Statement

Notable Earnings

• Premarket: BK, CNXC, DAL, JPM
• Postmarket: None
• Premarket Tomorrow: BAC, C, INFY, WFC
• Postmarket Tomorrow: FUL

Upgrades/Downgrades

• Compass Point upgrades MasterCard (MA) to Buy from Neutral
• KeyBanc upgrades AMD (AMD) to Overweight from Sector Weight
• TD Cowen upgrades KLA Corp. (KLAC) to Buy from Hold
• Daiwa downgrades PayPal (PYPL) to Neutral from Outperform
• BNP Paribas downgrades FedEx (FDX) to Neutral from Outperform
• Piper Sandler downgrades Synopsys (SNPS) to Neutral from Overweight

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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