U.S. stock futures are modestly higher ahead of the Wall Street open as equities look to extend gains from the last two sessions.

Alphabet (GOOGL) shares are higher by more than 1.0% in the premarket and adding to nearly 8% gains this week. Traders continue to monitor the Fed’s next interest rate move as expectations for a cut continue to ramp higher.

Traders are pricing in over an 80% chance of a quarter percentage point cut from the Fed in December, according to the CME FedWatch tool. Investors will also be watching economic data this morning and includes delayed reports on Durable Goods and Personal Income and Outlays.

Markets are closed for the Thanksgiving Holiday on Thursday and close at 1PM ET on Friday.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are relatively down 0.3% near $58 a barrel after sliding to a one-month low in the previous session as investors assessed prospects of oversupply and talks over a Russia-Ukraine peace deal.
• Gold (/GC) – Gold prices are up 0.3% near $4200 and are near two-week highs, after benign U.S. economic data reinforced expectations of a Federal Reserve interest rate cut next month, supporting non-yielding bullion.
• Bitcoin (/BTC) – The Crypto Future is down 1% near 86,500 in premarket trading.
• VIX – The CBOE Volatility Index fell 9.5% on Tuesday and settled at 18.56 as stocks rallied.
• U.S. Dollar (/DX) – The dollar is up 0.2% to 99.8.

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

1. Autodesk (ADSK): +7.90%
2. Dell Technologies (DELL): +5.00%
3. NetApp (NTAP): +4.20%

1. Workday (WDAY): -6.07%
2. Deere (DE): -4.85%
3. HP Inc. (HPQ): -3.29%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:30 AM ET: Durable Goods (Delayed), Jobless Claims, GDP, Intl. Trade in Goods, Retail/Wholesale Inventories
• 9:45 AM ET: Chicago PMI
• 10:00 AM ET: New Home Sales, Personal Income/Outlays (Delayed)
• 10:30 AM ET: Oil Inventories
• 11:30 AM ET: 7-Year Note Auction
• 12:00 PM ET: Natural Gas Inventories
• 2:00 PM ET: Beige Book

Notable Earnings

• Premarket: DE, LI
• Postmarket: None
• Premarket Tomorrow: None
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Deutsche Bank upgrades Autodesk (ADSK) to Buy from Hold
• Northland upgrades NetApp (NTAP) to Outperform from Market Perform
• Capital One upgrades Zscaler (ZS) to Overweight from Equal Weight
• Bernstein downgrades Ambev (ABEV) to Market Perform from Outperform
• UBS downgrades Biohaven (BHVN) to Neutral from Buy

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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