U.S. stock futures are mostly lower in premarket trading Thursday with pressured chip stocks erasing some previous-session gains.

Wednesday’s session was underpinned by optimism that inflation is cooling after a softer-than-expected U.S. producer price index. But geopolitical tensions expanded: the Iranian government warned it would retaliate if its infrastructure is targeted in American strikes. U.S. President Donald Trump warned that the U.S. will target Iranian infrastructure if negotiations do not resume.

Earnings will be in focus today with Taiwan Semiconductor Manufacturing (TSM), United Airlines (UAL) and GE Aerospace (GE) posting results. UnitedHealth Group (UNH) is higher premarket, lifting the Dow Jones Industrial Average. Investors will also watch retail sales data for a view on the health of the consumer.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil prices are up 0.41% to about $80 per barrel
• Gold (/GC) – Gold is down 0.30% to 4040.70 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 1.34% to 64,215
• VIX – The CBOE Volatility Index is up 3.7% to 16.25
• U.S. Dollar ($DXY) – The dollar is up 0.08% to 100.560

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• J.B. Hunt Transport Services (JBHT) 7.15%
• UnitedHealth Group (UNH) 5.85%
• Humana (HUM) 3.98%
• Abbott Laboratories (ABT) 3.75%
• Centene (CNC) 2.84%

Decliners:

• Western Digital (WDC) -7.66%
• SanDisk (SNDK) -7.43%
• Seagate Technology (STX) -6.04%
• Micron Technology (MU) -4.62%
• Corning (GLW) -4.28%

Economic Data (ET)

• 8:30 AM: Retail Sales
• 8:30 AM: Jobless Claims
• 8:30 AM: Philly Fed Manufacturing Index
• 10:00 AM: Housing Market Index
• 10:00 AM: Business Inventories
• 10:00 AM: Pending Home Sales
• 10:30 AM: Natural Gas Inventories
• 12:30 PM: Feds Logan speaks
• 1:25 PM: Feds Schmid speaks
• 4:30 PM: Fed Balance Sheet

Notable Earnings

• Premarket: ABT, CFG, GE, MAN, PLD, STT, TSM, USB, UNH, WIT
• Postmarket: AA, ISRG, NFLX
• Premarket Friday: FITB, RF, TRV, TFC
• Postmarket Friday: n/a

Upgrades/Downgrades

• Morgan Stanley upgrades Rocket Companies (RKT) to Overweight from Equal Weight
• Capital One upgrades Palo Alto Networks (PANW) to Overweight from Equal Weight
• Capital One upgrades Okta (OKTA) to Overweight from Equal Weight
• BTIG downgrades Etsy (ETSY) to Neutral from Buy
• Goldman Sachs downgrades American Electric Power (AEP) to Neutral from Buy
• Truist downgrades Lululemon (LULU) to Sell from Hold

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.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, futures commission merchant or forex dealer member.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.