U.S. stock futures are modestly lower in premarket trading after the S&P 500 (SPX) settled at another record high driven by renewed optimism around the artificial intelligence trade.

Stocks are coming off a winning session, with the S&P 500 closing above the $6500 level for the first time ever. Nvidia (NVDA) finished yesterday slightly lower post earnings beat but finished well off of lows.

The market rally has broadened this month with not only the S&P 500 at record highs but the small cap Russell-2000 (RUT) up 7.5% in August.

Investors will now turn their attention to fresh inflation data with the personal consumption expenditures index. Economists expect that the PCE reading for July will show an increase of 0.2% for the month and 2.6% for the year while core is expected to rise to 2.9% on the year.

Volumes may be muted today ahead of the holiday weekend with markets closed on Monday for Labor Day.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.5% near $64.30 a barrel and continues to consolidate as traders monitor developments surrounding the war in Ukraine and potential disruption to Russian fuel supplies.
• Gold (/GC) – Gold futures are down 0.2% near $3465 after falling from 3-week highs overnight. The U.S. Dollar has firmed this morning and higher rates have reversed earlier gains.
• Bitcoin (/BTC) – The Crypto Future is down about 2% near 110,500 in premarket trading.
• VIX – The CBOE Volatility Index was down 2.8% on Thursday and settled at 14.43 as stocks were higher.
• U.S. Dollar (/DX) – The dollar is up 0.2% to 98.

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

1. Autodesk (ADSK): +9.88%
2. Ulta Beauty (ULTA): +2.71%
3. Eastman Chem (EMN): +2.35%

1. Dell Technologies (DELL): -5.79%
2. Caterpillar (CAT): -2.38%
3. TE Connectivity (TEL): -1.46%

Economic Data

• 8:30AM ET: Personal Income & Outlays, Intl. Trade in Goods, Retail/Wholesale Inventories
• 9:45AM ET: Chicago PMI
• 10:00AM ET: Consumer Sentiment

Notable Earnings

• Premarket: BABA, DOOO, FRO
• Postmarket: None
• Premarket Tomorrow: ASO, NIO, SIG
• Postmarket Tomorrow: HQY, ZS

Upgrades/Downgrades

• Telsey Advisory upgrades Dollar Tree (DLTR) to Outperform from Market Perform
• Summit Insights upgrades Ambarella (AMBA) to Buy from Hold
• BofA downgrades Marvell (MRVL) to Neutral from Buy

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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.