Markets Eye Mag 7 Earnings, Fed Decision as Memory Stocks Jump
U.S. stock futures are slightly higher in premarket trading as traders awaited quarterly earnings from major tech companies this afternoon, as well as the conclusion of what could be Jerome Powell’s final policy meeting as Federal Reserve chair. The moves come after losses on Tuesday with the S&P 500 and Nasdaq-100 fell from record highs.
Four of the ‘Magnificent 7’ companies report after the closing bell today with eyes on results from Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT) and Meta Platforms (META) due. Earnings movers this morning include Seagate (STX +17%), NXP Semi (NXPI +17%) and Starbucks (SBUX +4%), which all beat estimates last night.
Oil prices are extending yesterday’s gains with WTI crude up another 3% near $103 a barrel. Investor focus will be on geopolitical headlines, tech earnings and comments from Fed Chair Powell today.
Snapshot (as of 7 AM ET)
- Oil (/CL) – Oil prices are up another 3% near $103 a barrel as traders balanced the United Arab Emirates’ shock departure from OPEC with indications that a near-term conclusion to the Iran war is unlikely. The latest move higher comes amid reports that the U.S. will look to extend its blockade of Iranian ports, deepening fears of prolonged disruption through the strategically vital Strait of Hormuz.
- Gold (/GC) – Gold prices are down 0.65% near $4577, as rising oil prices fueled concerns of persistent inflation, with markets watching closely for remarks from U.S. Federal Reserve Chair Jerome Powell on the future path of interest rates.
- Bitcoin (/BTC) – The Crypto Future is up over 1.5% near 78,000 in premarket trading.
- VIX – The CBOE Volatility Index was down 1% on Tuesday and settled at 17.83 as stocks were lower.
- U.S. Dollar (/DX): The greenback is relatively flat on the session, trading around 98.687.
Biggest Premarket Movers (as of 7 AM ET)
NXP SEMICONDUCTORS (NXPI): +18.21%
SEAGATE TECHNOLOGY (STX): +17.44%
FAIR ISAAC CORP (FICO): +12.18%
WESTERN DIGITAL CORP (WDC): +10.32%
GENERAC HLDGS INC (GNRC): +9.62%
ROBINHOOD (HOOD): -10.99%
GE HEALTHCARE (GEHC): -7.27%
TERADYNE INC (TER): -6.87%
COGNIZANT TECHNOLOGY (CTSH): -5.66%
BROWN FORMAN (BF/B): -5.34%
Economic Data
Time
Event
7:00 AM ET
MBA Mortgage Applications
8:30 AM ET
Durable Goods Orders
Housing Starts/Permits
Intl. Trade in Goods
Retail/Wholesale Inventories
10:30 AM ET
Oil Inventories
2:00 PM ET
FOMC Announcement
2:30 PM ET
Fed Chair Powell Press Conf.
Notable Earnings
Premarket: ABBV, AER, APH, AZN, ADP, AVTR, CAR, AVT, BLCO, BIIB, EAT, BG, CNI, CTSH, DAN, DK, ETR, ETSY, GRMN, GEHC, GNRC, GD, GSK, HUM, JKS, LII, LAD, PSN, PSX, Postmarket: REGN, SMG, SOFI, SWK, TEVA, TW, VIRT, VMC, WING, YUM
Postmarket: AFL, ALGN, ALL, GOOGL, AMZN, AWK, AR, BHC, CHRW, CWH, CP, CVNA, CAKE, CMG, EBAY, FLS, F, FTAI, GFL, KGC, KLAC, MAT, META, MGM, MSFT, ORLY, PPC, QCOM, SBAC, SFM, TDOC, TYL, WWD, WH
Premarket Tomorrow: AOS, ADT, APD, MO, ATI, BAX, OWL, BMY, BC, BLDR, CAH, CARR, CAT, CHKP, CI, CNH, COP, CROX, DTE, LLY, FTV, GIL, GPI, HSY, HUBB, H, ITW, ICE, IRM, JLL, LHX, MLM, MA, MRK, TAP, PH, RCL, SIRI, SAH, SO, STLA, THC, TT, TXT, VLO, W, WTW, XRX, XPO
Postmarket Tomorrow: AEM, ALGT, AIG, AMGN, AAPL, AJG, TEAM, CLX, CNO, EMN, FSLR, FND, GDDY, HUN, ILMN, MTZ, MHK, RDDT, RIOT, RIVN, RBLX, ROKU, SNDK, SNDR, SYK, TWLO, WDC, WY, ZETA
Upgrades/Downgrades
- Rosenblatt upgrades Spotify (SPOT) to Buy from Neutral
- Oppenheimer upgrades T‑Mobile (TMUS) to Outperform from Perform
- BofA upgrades Elevance Health (ELV) to Buy from Neutral
- Raymond James downgrades Universal Health (UHS) to Market Perform from Outperform
- UBS downgrades MercadoLibre (MELI) to Neutral from Buy
- Deutsche Bank downgrades Sysco (SYY) to Hold from Buy
Featured Clips
Danielle DiMartino Both on Jerome Powell's Legacy & Fed's Midterm Impact
Opening Bell With Nicole Petallides
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