U.S. stock futures are relatively flat in premarket trading after another ‘Risk-On’ day for equities to kick off the holiday-shortened week.

Stocks posted strong gains across the board on Monday led by fresh record highs for Alphabet (GOOGL). The Google-parent is extending those gains today on the back of a report that Alphabet is picking up the pace of its efforts to compete directly with Nvidia (NVDA) for use of its AI-use semiconductors.

Investor focus today will be on data with delayed reports due on September Retail Sales and PPI along with Consumer Confidence numbers. Traders will also focus on earnings from Zoom Video (ZM), Alibaba (BABA) and Best Buy (BBY).

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 2.0% near $57.60 a barrel as concerns supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain incomplete.
• Gold (/GC) – Gold prices are up 1.0% near $4170. It hit its highest level in more than a week, brushing off a firm dollar, after dovish comments from Fed policymakers revived prospects of a U.S. rate cut in December.
• Bitcoin (/BTC) – The Crypto Future is down 1.7% near 87,600 in premarket trading.
• VIX – The CBOE Volatility Index fell 12.4% on Monday and settled at 20.52 as stocks rallied.
• U.S. Dollar (/DX) – The dollar is down slightly, just below 100.

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

1. Keysight Tech (KEYS): +13.47%
2. Alphabet (GOOGL): +4.32%
3. Broadcom (AVGO): +3.23%

1. AMD (AMD): -3.98%
2. Nvidia (NVDA): -3.71%
3. Agilent Tech (A): -1.99%

Economic Data

• 8:30 AM ET: PPI - Final (Delayed), Retail Sales
• 9:00 AM ET: Case-Shiller Home Prices, FHFA House Price Index
• 10:00 AM ET: Business Inventories (Delayed), Consumer Confidence, Pending Home Sales, Richmond Fed Mfg. Index
• 1:00 PM ET: 5-Year Note Auction

Notable Earnings

• Premarket: ANF, BABA, AMTM, ADI, BBY, BURL, DKS, SJM, KSS, NIO, PONY, TITN
• Postmarket: AMBA, ADSK, CLSK, DELL, GES, HPQ, NTAP, NTNX, PD, WOOF, URBN, WDAY, ZS
• Premarket Tomorrow: DE, LI
• Postmarket Tomorrow: None

Upgrades/Downgrades

• UBS upgrades Applied Materials (AMAT) to Buy from Neutral
• Citi upgrades Brinker (EAT) to Buy from Neutral
• UBS upgrades Cummins (CMI) to Neutral from Sell
• Rothschild & Co. Redburn downgrades Estee Lauder (EL) to Sell from Neutral
• Jefferies downgrades TD Bank (TD) to Hold 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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