U.S. stock futures are slightly higher in premarket trading after Tuesday’s rally that saw the benchmark S&P 500 (SPX) and Dow Industrial Index ($DJI) close at a record highs.

A 5% drop in oil prices lifted markets Tuesday on expectations for resumed traffic in the Strait of Hormuz. Oil is moving modestly higher ahead of the opening bell after Yemen’s Iran-backed Houthis reportedly hit a Saudi Arabian tanker in the Red Sea.

On the corporate front, shares of Advanced Micro Devices (AMD) are down 8% in premarket trading despite an earnings beat with revenue climbing 50% year over year. SpaceX (SPCX) shares are down 11% this morning after it reported a loss that beat expectations on rising AI CapEx costs. Investor focus will continue to be on developments in the Middle East and earnings along with ADP Private payrolls and services data.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up 0.49% to $76.14 per barrel
• Gold (/GC) – Gold futures are up 2.24% per ounce to 4,246.10
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.33% to 64,280
• VIX (/VIX) – The CBOE Volatility Index is up 0.97% to 16.66
• U.S. Dollar ($DXY) – The dollar index is down 0.13% to 99.724

Biggest Premarket Movers (as of 8 AM ET)

Advancers

• Arista Networks (ANET) 11.91%
• Booking Holdings (BKNG) 7.98%
• Charles River Laboratories International (CRL) 6.78%
• Eli Lilly (LLY) 4.73%
• Wynn Resorts (WYNN) 4.39%

Decliners

• CDW (CDW) -22.00%
• Insulet (PODD) -10.09%
• Advanced Micro Devices (AMD) -7.83%
• EchoStar (ECHO) -5.90%
• DaVita (DVA) -4.82%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 8:15 AM: ADP Employment Report
• 9:45 AM: PMI Composite - Final
• 10:00 AM: ISM Services Index
• 10:30 AM: EIA Oil Inventories
• 4:05 PM: Fed’s Cook Speaks

Notable Earnings

• Premarket: ADNT, ACB, AVT, BLMN, BWA, BAM, CPRI, CG, CDW, CRL, CRCL, CWK, CVS, DK, DIN, DT, LLY, EOG, EVGO, FLUT, FUBO, GLXY, GPN, GFS, HMC, HONA, IEP, IRM, PODD, KHC, KD, NYT, NI, NVO, OC, PSX, RIOT, SHAK, SN, SHOP, SEDG, TBLA, WULF, TRI, UBER, U, VVV, DIS, ZBH
• Postmarket: ALB, ALL, DOX, APP, ARRY, ATO, XYZ, BMBL, CDLX, CF, CHYM, CRUS, CPA, DASH, DUOL, BROS, ELF, EBAY, ETSY, EXPE, FIG, FLNC, GDRX, GT, HLF, HUBS, JOBY, KVYO, LZ, MCK, MET, MSI, MUR, NWSA, OXY, PAYC, PTLO, QGEN, SNDK, SOLV, SOUN, RUN, RIG, WDC, WW, ZG, ZIP
• Premarket Thursday: GOLF, WMS, APA, APPN, ATI, BDX, CNQ, CELH, CHGG, LNG, COP, CEG, QBTS, DDOG, DEO, UUUU, EPAM, FISV, FOXA, HP, HTZ, KVUE, KDP, DNUT, TAP, DNOW, PZZA, PH, PTON, PENN, PLNT, RL, QSR, RXO, FUN, TRIP, USFD, WRBY, WBD, ZTS
• Postmarket Thursday: AFL, ABNB, AKAM, AIG, TEAM, CARG, CLSK, NET, ED, CRSR, DKNG, DBX, FIVN, CART, JHX, FROG, LION, LYFT, MTW, MARA, MNST, MP, NOG, PK, POST, PGNY, RGTI, RKT, ROKU, SEZL, SG, TXRH, TTD, TWLO, WMG, WPM, YELP

Upgrades/Downgrades

• Piper Sandler upgrades Kratos Defense (KTOS) to Overweight from Neutral
• RBC Capital upgrades Prologis (PLD) to Outperform from Sector Perform
• Morgan Stanley upgrades Archer Daniels Midland (ADM) to Equal Weight from Underweight
• BofA downgrades Vale (VALE) to Neutral from Buy
• UBS downgrades Fidelity National Information Services (FIS) to Neutral from Buy
• Jefferies downgrades Best Buy (BBY) to Hold from Buy

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.