U.S. stock futures are slightly higher in premarket trading and are attempting to rebound from Tuesday’s selloff.

The PHLX Semiconductor Sector Index (SOX) fell 7.8% in Tuesday’s rout. We get more clarity on chip stocks today after the closing bell with results due from Micron (MU). On the corporate front, shares of FedEx (FDX) are down roughly 6% despite earnings that beat expectations; margins in its core delivery segment dropped from a year ​earlier.

Oil prices remain under pressure this morning with the U.S. benchmark WTI trading near $71 a barrel, its lowest level in over three months. Investor focus will continue to be on geopolitical headlines, oil prices, and the upcoming PCE inflation data due tomorrow. 

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures prices are down more than 2% to near $71 per barrel
• Gold (/GC) – Gold futures are down 2% to 4,060.50
• Bitcoin (/BTC) – The cryptocurrency is up 1% to 62,995
• VIX – The CBOE Volatility Index is moving lower, down more than 3% to 18.87
• U.S. Dollar (/DX) – The dollar is up 0.22% to 101.63

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Micron Technology Inc (MU) 4.59%
• Dupont De Nemours Inc (DD) 3.17%
• Sandisk Corp (SNDK) 3.05%
• Take-Two Interactive Software Inc (TTWO) 2.62%
• Coherent Corp (COHR) 2.00%

Decliners:

• FedEx Corp (FDX) -6.32%
• Newmont Corp (NEM) -2.27%
• Palantir Technologies Inc (PLTR) -1.29%
• Exxon Mobil Corp (XOM) -1.27%
• Principal Financial Group Inc (PFG) -1.20%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 10:00 AM: New Home Sales 
• 10:30 AM: Oil Inventories
• 1:00 PM: 5-Year Note Auction

Notable Earnings

• Premarket: AKT, NG, PAYX
• Postmarket: FUL, JEF, MU, MLKN, TCOM, WS
• Premarket Thursday: AYI, BB, CMC, DRI, MKC, SNX, WGO
• Postmarket Thursday: AOUT, FDXF

Upgrades/Downgrades

• William Blair upgrades Backblaze (BLZE) to Market Perform from Underperform
• Stephens upgrades Varonis (VRNS) to Overweight from Equal Weight
• Citi upgrades Macerich (MAC) to Buy from Neutral
• KeyBanc upgrades Nucor (NUE) to Overweight from Sector Weight
• Daiwa downgrades JD.com (JD) and PDD Holdings (PDD) to Hold from Buy
• TD Cowen downgrades Flowserve (FLS) to Hold from Buy
• BofA downgrades Principal Financial (PFG) to Underperform from Neutral

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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