U.S. stock futures are modestly lower ahead of the Wall Street open and are extending yesterdays’ broad-based losses.

The moves come after weakness ahead of Nvidia’s (NVDA) earnings tomorrow after the close, with the chipmaker falling 1.8% yesterday.

Home Depot (HD) shares are also pressuring markets and are down 3% after a mixed earnings report. Focus will continue to be on earnings along with weakness in Bitcoin (/BTC) and Gold (/GC) among other asset classes.

Expectations of a rate cut in December are continuing to fall with only a 44% chance according to the CME Fedwatch tool.  

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are flat near $60 a barrel as loadings resumed at Russia’s Novorossiysk export hub after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
• Gold (/GC) – Gold prices are down 1% near $4040 after falling more than 1% on Monday, pressured by a firming Dollar and reduced expectations of a U.S. interest rate cut next month, as investors awaited delayed economic data this week that could offer clues on the Federal Reserve’s policy path.
• Bitcoin (/BTC) – The Crypto Future is down 0.5% near 91,500 in premarket trading and hit nearly 7-month lows overnight below 90K before rebounding.
• VIX – The CBOE Volatility Index jumped 12.9% on Monday and settled at 22.38 as stocks sold off.
• U.S. Dollar (/DX) – The dollar is flat around 99.5.

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

1. Medtronic (MDT): +3.92%
2. Merck (MRK): +3.81%
3. Molina Healthcare (MOH): +2.71%

1. Home Depot (HD): -3.40%
2. Palantir (PLTR): -2.38%
3. Lowe’s (LOW): -2.31%

Economic Data

• 8:30 AM ET: Import & Export Prices
• 9:15 AM ET: Industrial Production
• 10:00 AM ET: Housing Market Index, Factory Orders - Delayed, E-Commerce Retail Sales
• 10:30 AM ET: Fed’s Barr Speaks
• 4:00 PM ET: Treasury Intl. Capital

Notable Earnings

• Premarket: ACM, AS, BIDU, ENR, FUTU, HD, IQ, JHX, BZ, KLAR, MDT, PDD, WB
• Postmarket: SQM, LZB, QFIN
• Premarket Tomorrow: DY, GDS, KC, LOW, TGT, TJX, VIK, WSM, WIX
• Postmarket Tomorrow: BV, BLSH, JACK, NVDA, PANW, ZTO

Upgrades/Downgrades

• Loop Capital upgrades Alphabet (GOOGL) to Buy from Hold
• Stifel upgrades Deckers Outdoor (DECK) to Buy from Hold
• Arete upgrades Snap (SNAP) to Neutral from Sell
• Rothschild & Co. Redburn downgrades Amazon (AMZN) to Neutral from Buy
• Rothschild & Co. Redburn downgrades Microsoft (MSFT) to Neutral from Buy
• BofA double downgrades Honeywell (HON) to Underperform from Buy

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