U.S. stock futures were slightly higher in premarket trading, but the major averages are on pace for weekly declines.

The moves come after Thursday’s slide that saw the S&P 500 (SPX) fall 0.87% putting it on pace to snap a three-week winning streak. Rising oil prices, volatility in yields and geopolitical tensions have contributed to the summer swoon this week.

Oil prices (/CL) are up more than 5% this week to near $86.80 per barrel. The U.S. Dollar is at 3-month lows that have sent gold futures (/GC) to 3-month highs. Crypto stocks are up sharply with Bitcoin futures (/BTC) up more than 5% this morning and about 22% this week.

With retailer earnings reports this week and next, Walmart (WMT) shares received an upgrade and a downgrade. Nvidia (NVDA) reports earnings next Wednesday. But as this downbeat week concludes, geopolitical headlines, crude prices, and yields remain in focus.

Snapshot (as of 7:45 AM ET)

• Oil (/CL) – Oil futures are flat at $86.80 per barrel
• Gold (/GC) – Gold futures are up 1.81% to 4,654.10 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 5.89% to 77,075
• VIX (/VIX) – The CBOE Volatility Index is down 3.5% to 15.45
• U.S. Dollar ($DXY) – The dollar index is down 0.23% to 98.668

Big Premarket Movers (as of 7:45 AM ET)

Advancers:

• Ross Stores (ROST) 7.91%
• Coinbase Global (COIN) 4.82%
• Robinhood Markets (HOOD) 4.42%
• Albemarle (ALB) 3.58%
• Freeport-McMoRan (FCX) 3.44%

Decliners:

• Tyson Foods (TSN) -0.86%
• Walmart (WMT) -0.32%
• Eli Lilly (LLY) -0.28%
• Sherwin-Williams (SHW) -0.23%
• Pfizer (PFE) -0.22%

Economic Data (ET)

• 9:45 AM: PMI Composite

Notable Earnings

• Premarket: BJ, BKE, BEKE
• Postmarket: N/A
• Premarket Monday: PDD, XPEV
• Postmarket Monday: N/A

Upgrades/Downgrades

• Freedom Broker upgrades Walmart (WMT) from Hold to Buy
• Rothschild & Co Redburn upgrades Equifax (EFX) from Neutral to Buy
• Citi upgrades O-I Glass (OI) from Neutral to Buy
• Gordon Haskett downgrades Walmart (WMT) from Buy to Accumulate
• Baird downgrades Teradyne (TER) from Outperform to Neutral
• Citi downgrades Weibo (WB) from Buy to Neutral

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