U.S. stock futures are flat to lower in premarket trading ahead of the release of key U.S. inflation data along with Nvidia’s (NVDA) earnings report after the close.

The moves come after a winning session on Tuesday after yields and crude oil prices fell. Oil is down roughly 2% today to about $80.60 per barrel, but yields are firming with the benchmark 10-year near 4.64%.

All eyes will be on inflation data this morning with July’s personal consumption expenditures price index due, the Federal Reserve’s preferred metric of inflation. Economists expect a month-over-month increase of 0.1% and a year-over-year increase of 3.6% on the headline numbers and 0.2% and 3.3% on Core prices. Investors will also watch for Durable Goods Orders and the second read on Q2 GDP.

After the close, results include not only Nvidia but reports from CrowdStrike (CRWD) and Salesforce (CRM).

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are down 2.1% to $80.61 per barrel
• Gold (/GC) – Gold futures are down 0.31% to 4,680.10per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.56% to 78,570
• VIX (/VIX) – The CBOE Volatility Index is up 1.42% to 15.67
• U.S. Dollar ($DXY) – The dollar index is up 0.07% to 98.984

Big Premarket Movers (as of 8 AM ET)

Advancers:

• J.M. Smucker (SJM) 3.27%
• Mosaic (MOS) 2.55%
• Uber Technologies (UBER) 1.62%
• Meta Platforms (META) 1.39%
• Vistra (VST) 0.95%

Decliners:

• Intuit (INTU) -9.25%
• Boston Scientific (BSX) -3.93%
• GoDaddy (GDDY) -3.25%
• Moderna (MRNA) -2.73%
• Adobe (ADBE) -2.53%

Economic Data (ET)

• 07:00 AM: MBA Mortgage Applications
• 08:30 AM: Personal Income & Outlays
• 08:30 AM: Durable Goods Orders
• 08:30 AM: GDP – 2nd Read on Q2
• 08:30 AM: Retail/Wholesale Inventories
• 10:30 AM: Oil Inventories
• 11:45 AM: Fed's Barkin Speaks
• 01:00 PM: 5-Year Note Auction

Notable Earnings

• Premarket: ANF, BBWI, DCI, DY, JKS, KSS, LI, PLAB, SJM, WSM
• Postmarket: A, CRWD, P, HPQ, NTNX, NVDA, OKTA, CRM, SNPS, URBN, VEEV
• Premarket Thursday: BBY, BILI, BURL, CSIQ, DG, DLTR, HQY, HRL, RY, TD, TITN
• Postmarket Thursday: AFRM, ADSK, ESTC, GAP, IREN, MRVL, PD, RBRK, S, ULTA, WDAY

Upgrades/Downgrades

• UBS upgrades SolarEdge (SEDG) from Neutral to Buy
• UBS upgrades Argenx (ARGX) from Neutral to Buy
• JPMorgan and BofA downgrade Intuit (INTU) from Overweight to Neutral, and from Buy to Neutral respectively
• Truist downgrades Nike (NKE) from Buy to Hold
• Truist and Telsey Advisory downgrade Dick's Sporting Goods (DKS) from Buy to Hold, and from Outperform to Market Perform respectively

Tune in live at 3 p.m. today for Nvidia earnings extended coverage in Market on Close.

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