U.S. stock futures are mixed in premarket trading as investors digested the latest round of hyperscaler earnings and the Fed announcement.

The moves come after another positive day for equities led by tech gains. On the corporate front, Alphabet (GOOGL) shares are down 11% after the company missed earnings expectations in the third quarter and posted negative free cash flow of $9.07 billion. On the flipside, Microsoft (MSFT) is up 1.5% premarket after growth in the software giant’s Azure cloud infrastructure business helped it post an earnings beat in the fiscal first quarter.

As expected, the Federal Reserve on Wednesday held steady on rates, leaving the central bank’s benchmark interest rate in a range between 3.75% and 4%.

Investor focus will be on earnings fallouts today along with economic data. The Personal Consumption Expenditures (PCE) price index report for September is due this morning; PCE is the preferred inflation gauge for the Fed. We also get the first read on Q3 GDP, which is expected to come in at 3.1%.

Snapshot

• Oil (/CL) – Oil futures are down nearly 1% to roughly $102 per barrel
• Gold (/GC) – Gold futures are down 0.3% to near $4,038 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 1.7% to near 80,110
• VIX (/VIX) – The CBOE Volatility Index is up 1.2% to 17.11
• U.S. Dollar ($DXY) – The dollar index is down 0.06% to 102.185

Big Premarket Movers

Advancers

• Norwegian Cruise Line Holdings (NCLH) +11.46%
• Gen Digital (GEN) +8.75%
• DoorDash (DASH) +8.57%
• Carvana (CVNA) +8.18%
• Chipotle Mexican Grill (CMG) +7.38%

Decliners

• Fortinet (FTNT) -26.38%
• ServiceNow (NOW) -19.83%
• Marvell Technology (MRVL) -11.38%
• Cognizant Technology Solutions (CTSH) -11.09%
• Alphabet (GOOGL) -11.04%

Economic Data (ET)

• 7:00 AM: GDP – Q3 first read
• 8:30 AM: Personal Income and Outlays
• 8:30 AM: Jobless Claims
• 10:30 AM: EIA Natural Gas Inventories
• 1:00 PM: 7-Year Note Auction
• 4:30 PM: Fed Balance sheet

Notable Earnings

• Premarket: ABEV, AGCO, AMP, AVY, BAX, BG, BLDR, BMY, BUD, BWA, CARR, CAT, CQP, CROX, CTSH, DHI, H, HII, HOG, HSY, INCY, KBR, LHX, LIN, LLY, LNG, MA, MBLY, MO, MRK, NCLH, OSK, OWL, PWR, QSR, SAH, SHEL, SIRI, STM, TECK, THC, TROW, TT, TTE, TW, TXT, VMC, WTW, XEL, XPO, XRX
• Postmarket: AMZN, COIN, DLR, DVA, DXC, EMN, FND, FSLR, GDDY, GILD, ILMN, INTC, IR, MDLZ, MHK, MSTR, MTZ, OLN, PINS, RBLX, RDDT, RIVN, RMD, RSG, SBUX, SNDK, SNDR, SNDR, SYK, TWLO, VALE, WY
• Premarket Friday: ABBV, AN, AZN, BP, CBOE, CCJ, CHD, CL, CNI, CPRI, CVX, D, EXC, GD, JKS, KVUE, LEA, LYB, MGA, NWL, REGN, SNY, VRTS, XOM
• Postmarket Friday: N/A

Upgrades/Downgrades

Upgrades:

• Freedom Broker upgrades Royal Caribbean (RCL) from Hold to Buy
• Wells Fargo upgrades eBay (EBAY) from Underweight to Equal Weight
• Mizuho upgrades Hilton (HLT) from Neutral to Outperform
• BNP Paribas upgrades VF Corp. (VFC) from Underperform to Neutral
• UBS upgrades Wintrust Financial (WTFC) from Neutral to Buy

Downgrades:

• Citizens downgrades Alphabet (GOOGL) from Outperform to Market Perform
• Barclays downgrades PayPal (PYPL) from Equal Weight to Underweight
• BofA downgrades Fortinet (FTNT) from Buy to Neutral
• JPMorgan downgrades Boston Scientific (BSX) from Overweight to Neutral
• Jefferies downgrades GSK (GSK) from Buy to Hold
• Oppenheimer downgrades Lennox (LII) from Outperform to Perform

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.

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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.