U.S. stock futures are down in premarket trading after rallying on the Federal Reserve’s latest interest rate cut on Wednesday. Oracle (ORCL) shares are down 12% after missing revenue estimates on its earnings results which reignited fears about high-flying tech stocks.

Stocks rose in Wednesday’s session and got a lift after a divided Fed announced an interest rate cut for the third time this year and ruled out a rate hike. Fed Chair Jerome Powell said the central bank is ”’well positioned to wait and see how the economy evolves” and noted President Donald Trump’s tariffs have been a driver of inflation.

The small-cap Russell 2000 (RUT) settled at a record high after the cut. Investor focus will continue to be on earnings with results due from Broadcom (AVGO), Costco (COST), and Lululemon (LULU) due after the close today.   

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down over 1% near $57.80 a barrel as investors shifted focus back to Russia-Ukraine peace talks and monitored potential fallout from a U.S. seizure of a sanctioned oil tanker off the coast of Venezuela.
• Gold (/GC) – Gold Futures are up 0.5% near $4245, as traders weighed the U.S. Federal Reserve’s divided vote on a quarter-percentage-point interest rate cut, while silver climbed to yet another record high.
• Bitcoin (/BTC) – The Crypto Future is down around 2.5% near 90,500 in premarket trading.
• VIX – The CBOE Volatility Index fell 6.8% on Wednesday and settled at 15.77 as stocks were higher after the Fed rate cut.
• U.S. Dollar (/DX) – The dollar is down 0.3% to 98.1.

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

1. Arista Networks (ANET): +2.49%
2. Nordson (NDSN): +2.23%
3. Netflix (NFLX): +0.90%
4. Eli Lilly (LLY): +0.89%
5. Synopsys (SNPS): +0.88%

1. Oracle (ORCL): -12.25%
2. PayPal (PYPL): -1.80%
3. Coinbase (COIN): -1.79%
4. Intl. Flavors & Fragrances (IFF): -1.59%
5. American Intl. Group (AIG): -1.44%

Economic Data

• 8:30 AM ET: Intl. Trade in Goods/Services - Delayed, Jobless Claims
• 10:00 AM ET: Wholesale Inventories - Delayed
• 10:30 AM ET: Natural Gas Inventories
• 1:00 PM ET: 30-Year Bond Auction

Notable Earnings

• Premarket: CIEN, LOVE, MANU, RCT, VRA
• Postmarket: AVGO, COST, LULU, RH
• Premarket Tomorrow: RENT
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Piper Sandler upgrades Unity (U) to Overweight from Neutral
• BofA upgrades Synopsys (SNPS) to Buy from Neutral
• Jefferies upgrades Roku (ROKU) to Buy from Hold
• Seaport Research downgrades GE Vernova (GEV) to Neutral from Buy
• Citi downgrades Intuitive Surgical (ISRG) to Neutral from Buy
• Deutsche Bank downgrades Norfolk Southern (NSC) to Hold from Buy

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