Strength in big bank earnings isn’t enough for the major indexes, which were mixed Tuesday with pressure on oil prices and technology shares.

S&P 500 futures (/ES) were flat and Nasdaq futures (/NQ) are up. Kicking off quarterly earnings reporting, JPMorgan Chase (JPM) and Bank of America (BAC) were lower in early trading despite beating analyst expectations, while Goldman Sachs (GS) was higher after reporting a strong quarter. IBM (IBM) is down more than -20% after releasing preliminary second-quarter results that fell below expectations. 

U.S. oil futures continue to rise, up more than +2% after a +9% surge Monday, on renewed tensions between the U.S. and Iran in the Strait of Hormuz.

Tuesday’s economic data includes the Consumer Price Index (CPI), NFIB Business Optimism Index, and ADP Employment Change.

Snapshot (as of 8:00 AM ET)

• Oil (/CL) – U.S. oil futures are up more than +2% to about $80 per barrel
• Gold (/GC) – Gold futures are up +0.6% to near 4030
• Bitcoin (/BTC) – The cryptocurrency futures are up +1% to a recent 62,940
• VIX – The CBOE Volatility Index has increased +1.8% to 17.48
• U.S. Dollar ($DXY) – The dollar was down -0.19% to 101.037

Biggest Premarket Movers (as of 8:00 AM ET)

Advancers:

• KLA Corp. (KLAC) 3.95%
• Applied Materials (AMAT) 3.94%
• Corning (GLW) 3.82%
• Monolithic Power Systems (MPWR) 3.76%
• Lam Research (LRCX) 3.66%

Decliners:

• IBM Corp. (IBM) -22.48%
• HCA Healthcare (HCA) -8.63%
• Workday (WDAY) -8.54%
• ServiceNow (NOW) -7.56%
• Accenture (ACN) -7.45%

Economic Data (ET)

• 06:00 AM: NFIB Business Optimism Index
• 08:15 AM: ADP Employment Change
• 08:30 AM: Consumer Price Index (CPI)
• 09:00 AM: Fed Chair Warsh Testimony to Congress

Notable Earnings

• Premarket: JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), Fastenal (FAST), Ericsson (ERIC)
• Postmarket: Aehr Test Systems (AEHR)
• Premarket: Tomorrow: ASML Holding (ASML), Johnson & Johnson (JNJ), Morgan Stanley (MS), BlackRock (BLK), BNY (BNY), PNC Financial Services Group (PNC), Elevance Health (ELV), Cintas (CTAS)
• Postmarket: United Airlines (UAL), J.B. Hunt (JBHT)

Upgrades/Downgrades

• TD Cowen upgrades Newmont (NEM) to Buy from Hold
• Piper Sandler upgrades Halliburton (HAL) to Overweight from Neutral
• Seaport Research upgrades TKO Group (TKO) to Buy from Neutral
• Keybanc downgrades Apple (AAPL) to Underweight from Sector Weight 
• HSBC downgrades IBM (IBM) to Reduce from Hold
• JPMorgan downgrades Progressive (PGR) to Neutral from Overweight

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.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, futures commission merchant or forex dealer member.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

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.