U.S. stock futures are down in premarket trading after the latest corporate earnings, with investors weighing Alphabet (GOOGL) results. This follows a major sell-off in software stocks that drove the S&P 500 (SPX) and Nasdaq-100 (NDX) to a second straight day of losses. 

Google-parent Alphabet (GOOGL) was the latest of the Magnificent Seven companies to report earnings results. Shares are down 4% after the company projected a sharp increase in artificial intelligence spending and called for 2026 capital expenditures of $175 to $185 billion, above expectations. 

Chipmaker Qualcomm (QCOM) slid 10% after posting a weaker-than-expected forecast due to the global memory shortage. 

Investor focus remains on earnings with Amazon (AMZN) results due after the close. Data will also be closely watched with Jobless Claims and the delayed JOLTS reports due this morning.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down over 2% near $64.00 a barrel after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns of a potential military conflict between them that could disrupt supply from the key Middle East-producing region.
• Gold (/GC) – Gold and silver prices are down in premarket trading, with analysts saying further gains will likely be determined by the direction of foreign exchange and interest rate expectations. Gold is down around 1.5% near $4870 and Silver Futures (/SI) are dumping 10% near $77.
• Bitcoin (/BTC) – The Crypto Future is down over 5% near 69,500 in premarket trading. Bitcoin Futures are now down 20% this year and hit their lowest level since November of 2024 this morning.
• VIX – The CBOE Volatility Index was up 3.5% on Wednesday and settled at 18.64 as stocks fell.
• U.S. Dollar (/DX) – The dollar is up 0.2% to 97.7.

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

1. Align Technology (ALGN): +9.37%
2. Tapestry (TPR): +7.18%
3. Corpay (CPAY): +3.90%
4. Cardinal Health (CAH): +3.46%
5. Hershey (HSY): +2.56%

1. Qualcomm (QCOM): -10.97%
2. Huntington Ingalls (HII): -9.47%
3. Estee Lauder (EL): -8.03%
4. Carrier Global (CARR): -6.06%
5. Old Dominion Freight (ODFL): -6.01%

Economic Data

• 7:30 AM ET: Challenger Job Cuts Report
• 8:30 AM ET: Jobless Claims
• 10:00 AM ET: JOLTS
• 10:30 AM ET: Natural Gas Inventories
• 10:50 AM ET: Fed’s Bostic Speaks

Notable Earnings

• Premarket: AGCO, MT, BMY, GOOS, CAH, CARR, CI, CMS, COP, CMI, ENR, EL, HSY, ICE, IQV, KKR, BTU, PTON, RL, ROK, SHEL, SIRI, SNA, SPB, TPR, TRI, TW, WEC, XEL, XPO
• Postmarket: AFRM, AMZN, TEAM, GOLD, COTY, COUR, DLR, EQR, FLS, FTNT, HUBG, ILMN, MTD, MCHP, MOH, NWS, POST, RDDT, RBLX, MSTR, WMG, WERN
• Premarket Tomorrow: AER, AN, BIIB, CG, CBOE, CNC, NWL, PM, RXO, TM, UAA, VRTS
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Citizens upgrades Uber (UBER) to Outperform from Market Perform
• B. Riley upgrades Snap (SNAP) to Buy from Neutral
• Wolfe Research upgrades Zoom Communications (ZM) to Outperform from Peer Perform
• Stifel downgrades Microsoft (MSFT) to Hold from Buy
• BofA downgrades Qualcomm (QCOM) to Neutral from Buy
• Wells Fargo downgrades Public Storage (PSA) to Equal Weight from Overweight

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