U.S. stock futures are modestly lower in premarket trading as escalating fighting between the U.S. and Iran has oil prices rising.

The moves come after Tuesday’s equity slide as rising crude and yields are creating headwinds for stocks. WTI Oil futures are more than 2% this morning and are at three-month highs above $95 a barrel. U.S. Central Command said U.S. forces "destroyed five Iranian crude oil carriers yesterday after the Islamic Revolutionary Guard Corps (IRGC) targeted a U.S. Navy warship with ballistic missiles twice over the past two days.”

With little economic data due today, investor focus will be on oil prices, yields and the Apple (AAPL) "Surprise and Shine" event at 1 pm ET. The product event has investors looking for new hardware, devices, and perhaps some clarity on AI enhancements.

Snapshot

• Oil (/CL) – Oil futures are up 2.5% to $95.57 per barrel
• Gold (/GC) – Gold futures are up 0.30% to 4,452.3 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 1.09% to 79,445
• VIX (/VIX) – The CBOE Volatility Index is up 3.88% to 16.33
• U.S. Dollar ($DXY) – The dollar index is down 0.15% to 98.643

Big Premarket Movers

Advancers

• Meta Platforms (META) 4.97%
• Dow (DOW) 4.46%
• Humana (HUM) 2.14%
• Coinbase Global (COIN) 1.32%
• CF Industries Holdings (CF) 1.24%

Decliners

• Casey's General Stores (CASY) -10.02%
• Alphabet (GOOGL) -2.05%
• Intel (INTC) -1.73%
• Booking Holdings (BKNG) -1.69%
• Coherent (COHR)-1.65%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 11:00 AM: Treasury Buyback Announcement
• 1:00 PM: 10-Year Note Auction

Notable Earnings

• Premarket: ASO, CHWY, CGNT, CNM, JMKE, KFY, SAIL, SIG
• Postmarket: AVAV, AEO, COO, SKIL
• Premarket Thursday: DBI, M, LOVE
• Postmarket Thursday: ADBE, CPRT, DSGX, ORCL, RH, ZUMZ

Upgrades/Downgrades

• UBS upgrades Thermo Fisher Scientific (TMO) from Neutral to Buy
• JPMorgan upgrades Lithium Americas (LAC) from Neutral to Overweight
• Wells Fargo upgrades Martin Marietta Materials (MLM) from Equal Weight to Overweight
• Wells Fargo downgrades Vulcan Materials (VMC) from Equal Weight to Underweight, and Eagle Materials (EXP) and Amrize (AMRZ) from Overweight to Equal Weight
• Deutsche Bank downgrades Novartis (NVS) from Buy to Hold
• BMO Capital downgrades Westlake (WLK) from Outperform to Market Perform

For this week's earnings and economic calendars, see Week Ahead: Key Inflation Readings and Apple Reveal in Holiday-Shortened Week.

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