U.S. stock futures are slightly higher in premarket trading and extending yesterday’s modest gains. Earnings will be in focus today with Marvell (MRVL) shares up 10% post results but CrowdStrike (CRWD) is down slightly.

The ADP employment report for November, which is set to release at 8:15 a.m. ET, is expected to reflect a relatively stable labor market and further inform the Fed’s rate decision.

The CME Fedwatch Tool has a probability of nearly 90% of a 25 basis point rate cut next week. Investors are also wishing for a December rally after a choppy November as this month is historically a strong one.   

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices climbed more than 1% near $59.40 a barrel on Wednesday after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
• Gold (/GC) – Gold prices are up 0.5% near $4240 as traders awaited key U.S. economic indicators to gauge the Federal Reserve’s policy direction, while silver pulled back from a new record high.
• Bitcoin (/BTC) – The Crypto Future is extending yesterday’s gains and is up 2% near 93,200 in premarket trading.
• VIX – The CBOE Volatility Index fell 3.8% on Tuesday and settled at 16.59 as stocks rose.
• U.S. Dollar (/DX) – The dollar is down 0.4% to 98.9.

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

1. Microchip Technology (MCHP): +2.98%
2. Bristol Myers Squibb (BMY): +2.69%
3. Freeport-McMoRan (FCX): +2.30%

1. Albemarle (ALB): -4.01%
2. Regeneron Pharma (REGN): -1.89%
3. CrowdStrike (CRWD): -1.33%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:15 AM ET: ADP Employment Report
• 8:30 AM ET: Import/Export Prices - Delayed
• 9:15 AM ET: Industrial Production - Delayed
• 9:45 AM ET: PMI Composite
• 10:00 AM ET: ISM Services Index
• 10:30 AM ET: Oil Inventories

Notable Earnings

• Premarket: DLTR, M, RY, THO, UEC
• Postmarket: AI, FIVE, GWRE, NCNO, PVH, CRM, SNOW, PATH
• Premarket Tomorrow: BMO, BF/B, DOOO, DG, DCI, DLTH, GCO, HRL, HOV, KR, SAIC, TD
• Postmarket Tomorrow: CHPT, COO, DOCU, HPE, LE, RBRK, IOT, S, TTAN, SPWH, SFIX, ULTA, ZUMZ

Upgrades/Downgrades

• Summit Insights upgrades Marvell (MRVL) to Buy from Hold
• Arete upgrades Uber (UBER) to Buy from Neutral
• JPMorgan upgrades American Eagle (AEO) to Neutral from Underweight
• Morgan Stanley downgrades Regeneron (REGN) to Equal Weight from Overweight
• Jefferies downgrades Wayfair (W) to Hold from Buy
• JPMorgan downgrades Wendy’s (WEN) 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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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.