U.S. stock futures are lower ahead of the Wall Street open with the S&P 500 logging its longest positive streak in over two decades. The S&P 500 and Dow Index logged their ninth straight day of gains on Friday and stocks finished last week with solid gains. Optimism on potential trade deals along with a mostly solid earnings season has lifted equities and they have recovered fully from all of the losses in April. Focus today will be on Services data and investors will look ahead to Wednesday’s FOMC decision and comment from Fed Chair Powell.

Snapshot (as of 7 AM ET)

• Oil (/CL) – U.S. oil futures are down over 1.5% near $57.50 a barrel but are off of overnight lows near $55, after OPEC+ agreed to surge production for a second month. OPEC+, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount
• Gold (/GC) – Gold prices are up over 2% near $3320, helped by a weaker dollar, while investors awaited more clarity on trade policy between the U.S. and its trading partners, and looked forward to the Federal Reserve’s policy decision due later this week.
• Bitcoin (/BTC) – The crypto future is down over 3% near $94.3K
• VIX – The CBOE Volatility Index was down 7.8% on Friday and settled at 22.68 as stocks rallied. It is up over 8% premarket right now.
• U.S. Dollar (/DX) – The dollar is down almost 0.5% to 99.4.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Newmont (NEM): +2.56%
2. Northrup Grumman (NOC): +0.32%
3. Becton Dickinson (BDX): +0.28%

1. Netflix (NFLX): -4.88%
2. Berkshire Hathaway (BRK/B): -2.64%
3. Walt Disney (DIS): -2.26%

Economic Data

• 9:45AM ET: PMI Composite - Final
• 10:00AM ET: ISM Services Index
• 1:00PM ET: 3-Year Note Auction

Notable Earnings

• Premarket: CNA, CMI, FRPT, ON, TSN, ZBH
• Postmarket: ACM, AL, CE, CLX, FN, F, HIMS, IAC, MAT, PLTR, UPWK, VRTX, VNO, WMB
• Premarket Tomorrow: AEP, ARMK, ADM, ARRY, BALL, BAM, CELH, CEG, DDOG, DUK, ERJ, ENR, EXPD, FIS, GPN, GFS, J, KTB, LEA, LDOS, MPC, MAR, BTU, PTLO, PGR, PHG, SEDG, SUN, TDG, SEAT, KLG, ZTS
• Postmarket Tomorrow: AMD, ALGT, ANET, CC, CRUS, COTY, CPNG, DVN, EA, FLYW, FBIN, GO, KGC, LCID, LITE, MASI, MOS, OPEN, RDFN, RVLV, RIVN, SU, SMCI, TDC, UPST, WYNN

Upgrades/Downgrades

• HSBC upgrades Twilio (TWLO) to Hold from Reduce
• Seaport Research upgrades Reddit (RDDT) to Buy from Neutral
• JPMorgan upgrades Wendy’s (WEN) to Overweight from Neutral
• Phillip Securities downgrades Microsoft (MSFT) to Accumulate from Buy
• Phillip Securities downgrades Spotify (SPOT) to Reduce from Neutral
• Macquarie downgrades Block (XYZ) to Neutral from Outperform

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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.