Equity futures point to a higher start for markets with the tech-heavy Nasdaq 100 futures (/NQ) leading with an almost +0.7% gain.

Goldman Sachs strategists raised their year-end price target for the S&P 500 to 8,000 from 7,600 as they expect the AI boom to continue, while crude oil prices continue to decline, down -3.3%, as markets anticipate a peace deal between the U.S. and Iran.

Semiconductor stocks are once again on the move, with names like Micron (MU), Western Digital (WDC), and Seagate (SDC) leading the pack; the market caps of MU and South Korea-based SK Hynix crossed the $1 trillion mark. In earnings today after the close: Marvell Technology (MRLV), Salesforce (CRM) and Snowflake (SNOW). Economic data includes ADP Employment numbers and the Richmond Fed Manufacturing Index.

Snapshot (as of 7 AM ET)

• Crude Oil Futures (/CL): Oil is down -3.9% near 90.20
• Gold Futures (/GC): Gold is down -1.23% near 4,447
• Bitcoin Futures (/BTC): Bitcoin is down -0.10% at about 75,820
• CBOE Vol. Index (VIX): The Vix is around 16.84, slightly lower
• U.S. Dollar Futures (/DX): The dollar is down -0.03% at around 99.07

Biggest Premarket Movers (as of 7 AM ET)

• Crude Oil Futures (/CL) down -3.9% near 90.20
• Gold Futures (/GC) down -1.23% near 4,447
• Bitcoin Futures (/BTC) down -0.10% at about 75,820
• CBOE Vol. Index (VIX) slightly lower near 16.84
• U.S. Dollar Futures (/DX) down -0.03% at around 99.07

Economic Data

• 4:00 AM: Fed Logan Speech
• 7:00 AM: MBA 30-Year Mortgage Rate MAY/22
• 8:15 AM: ADP Employment Change Weekly
• 3:55 PM: Fed Cook Speech 
• 4:30 PM: API Crude Oil Stock Change
• 8:00 PM: Fed Jefferson Speech 

Notable Earnings

• Premarket: PDD, DKS, BBWI, CPRI, MOV
• Postmarket: MRVL, CRM, SNOW, A, AMSC
• Premarket tomorrow: BURL, DLTR, LI, XPEV, BBY, FUUT, HRL, PLAB, WB, KSS, BBW
• Postmarket tomorrow: COST, DELL, ADSK, NTAP, MDB, OKTA, GAP, S, PATH, AMBA

Upgrades/Downgrades

• UBS upgrades Ecolab (ECL) to Buy from Neutral
• JPMorgan upgrades FedEx (FDX) to Overweight from Neutral
• Mizuho upgrades Phillips 66 (PSX) to Outperform from Neutral
• Argus downgrades Zoetis (ZTS) from Hold to Buy
• Evercore ISI downgrades Zscaler (ZS) from Outperform to In Line
• Deutsche Bank downgrades Dollar General (DG) from Buy to 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, or futures commission merchant.

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.