Markets are lower this morning, with all four major equity index futures in the red and the Nasdaq 100 (/NQ) as the worst performer as computer chip companies pull back from highs.

The latest Consumer Price Index report is expected to show inflation at nearly three-year highs with consensus forecasts coming in at an annual rate of 3.7%, partially due to surging oil prices.

Some notable names are slumping after earnings with AST Spacemobile (ASTS) down almost -12% after a revenue miss, while Hims & Hers Health (HIMS) is down -15% after reporting a quarterly loss. Other economic data today includes the ADP Employment Report, while today’s earnings feature Oklo (OKLO), JD.com (JD), and On Holdings (ONON).

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are +3.26%
• Gold (/GC) – Gold is down -0.34%
• Bitcoin (/BTC) – The cryptocurrency futures are down -1.62%
• VIX – The CBOE Volatility Index futures are up 0.34%
• U.S. Dollar (/DX) – Dollar futures are up 0.31%

Biggest Premarket Movers (as of 7 AM ET)

ZEBRA TECHNOLOGIES C A (ZBRA) 14.76%

TARGET CORP (TGT) 2.16%

APA CORP (APA) 1.96%

QNITY ELECTRONICS (Q) 1.93%

LOWES COS INC (LOW) 1.84%

INTEL CORP (INTC) -4.86%

SANDISK CORP (SNDK) -3.91%

QUALCOMM INC (QCOM) -3.59%

MICRON TECHNOLOGY INC (MU) -3.38%

LUMENTUM HLDGS INC (LITE) -3.05%

Economic Data

8:15 AM ET ADP Employment Change Weekly

8:30 AM ET Core Inflation Rate MoM APR

8:30 AM ET Core Inflation Rate YoY APR

8:30 AM ET Inflation Rate MoM APR

8:30 AM ET Inflation Rate YoY APR

2:00 PM ET Monthly Budget Statement APR

4:30 PM ET API Crude Oil Stock Change MAY/08

Notable Earnings

Premarket: SE, JD, ONON, TME

Postmarket: OKLO

Premarket Tomorrow: BABA, NBIS, TSEM, BIRK

Postmarket Tomorrow: CSCO

Upgrades/Downgrades

• Citi upgrades Lowe’s to Buy from Neutral
• BofA upgrades Autodesk to Buy from Neutral
• Truist upgrades Matador to Buy from Hold
• Raymond James downgrades Gitlab to Market Perform from Outperform
• Piper Sandler downgrades Lenz Therapeutics to Neutral from Overweight
• Stifel downgrades Nyxoah to Hold from Buy

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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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.