U.S. stock futures are flat ahead of the Wall Street open as oil prices and yields continue to create headwinds for markets.

The moves come after the major averages fell on Wednesday with the S&P 500 (SPX) and Dow Jones Industrial Average ($DJI) off for a third straight session. The price of oil is up more than 1% this morning above $97 a barrel and hit its highest level since May 22. Yields are also rising this morning with the benchmark 10-Year near 4.86%, its highest level since November 2023.

On the corporate front, Apple (AAPL) shares are higher after unveiling a new lineup of devices on Wednesday highlighted by its new foldable Duo phone. Investor focus will turn to inflation data with the PPI data due this morning and CPI on Friday. Expectations for August PPI data are for a monthly gain of 0.4%, and a 5.3% gain year over year.

Snapshot

• Oil (/CL) – Oil futures are up 1.49% to $97.49 per barrel
• Gold (/GC) – Gold futures are down 0.83% per ounce 4,423.50
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.33% to 78,110
• VIX (/VIX) – The CBOE Volatility Index is up 1.46% to 16.70
• U.S. Dollar ($DXY) – The dollar index is up 0.11% to 98.928

Big Premarket Movers

Advancers

• Reddit (RDDT) 1.48%
• Synopsys (SNPS) 1.25%
• Meta Platforms (META) 1.19%
• ServiceNow (NOW) 1.07%
• Apple (AAPL) 0.88%

Decliners

• Cooper Companies (COO) -16.59%
• Freeport-McMoRan (FCX) -6.73%
• Lam Research (LRCX) -1.85%
• Intel (INTC) -1.76%
• Marvell Technology (MRVL) -1.68%

Economic Data (ET)

• 8:30 AM: PPI
• 8:30 AM: Jobless Claims
• 10:00 AM: Existing Home Sales
• 10:30 AM: EIA Natural Gas Inventories
• 12:00 PM: EIA Oil Inventories
• 1:00 PM: 30-Year Bond Auction
• 4:30 PM: Fed Balance Sheet

Notable Earnings

• Premarket: DBI, M, LOVE
• Postmarket: ADBE, CPRT, DSGX, ORCL, RH, ZUMZ
• Premarket Friday: KR, RENT
• Postmarket Friday: N/A

Upgrades/Downgrades

• JPMorgan upgrades Meta Platforms (META) from Neutral to Overweight
• StoneX upgrades Block (XYZ) from Hold to Buy
• Freedom Broker upgrades Caterpillar (CAT) from Hold to Buy
• Wells Fargo upgrades Yum! Brands (YUM) from Equal Weight to Overweight
• RBC Capital upgrades Paccar (PCAR) from Sector Perform to Outperform
• Arete downgrades Uber Technologies (UBER) from Buy to Neutral
• Evercore ISI downgrades Chewy (CHWY) from Outperform to In Line
• HSBC downgrades Amgen (AMGN) from Buy to Hold
• Piper Sandler downgrades Cooper Companies (COO) from Overweight to Neutral
• Baird and BofA downgrade Cooper Companies (COO) from Outperform to Neutral, and from Buy to Neutral, respectively

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