U.S. stock futures are relatively flat in premarket trading as oil prices continue to fall.

This follows Monday’s rally led by gains in chip stocks. The Philly Semiconductor Index (SOX) jumped 4.3% on Monday as Intel (INTC), Advanced Micro Devices (AMD), and Qualcomm (QCOM) surged.

Oil prices are down 2.5% near $90 a barrel after some positive commentary on geopolitical tensions. A senior Iranian official told news agency RTRS that the Iranian delegation is in New York with full authority to revive diplomacy with the U.S. Also, Saudi Arabia is set to restart its East-West oil pipeline this week according to trade sources.

Treasury yields are also lower this morning with the benchmark 10-year near 4.93%. Investor focus will be on falling oil prices and Fed speak today along with developments ahead of meeting between President Donald Trump and Chinese leader Xi Jinping on Thursday in Washington.

Snapshot

• Oil (/CL) – Oil futures are down 2.55% to $90.01 per barrel
• Gold (/GC) – Gold futures are down 0.60% to 4,357.30 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.52% to 86,140
• VIX (/VIX) – The CBOE Volatility Index is down 1.14% to 14.70
• U.S. Dollar ($DXY) – The dollar index is down 0.03 to 100.401

Big Premarket Movers

Advancers:

• Carnival Corporation (CCL) +2.87%
• Royal Caribbean Group (RCL) +2.80%
• First Solar (FSLR) +2.50%
• Norwegian Cruise Line Holdings (NCLH) +2.18%
• Lennar (LEN) +2.09%

Decliners:

• Quest Diagnostics (DGX) -5.26%
• Labcorp Holdings (LH) -4.53%
• Valero Energy (VLO) -2.48%
• Moderna (MRNA) -1.93%
• Marathon Petroleum (MPC) -1.83%

Economic Data (ET)

• 10:00 AM: Richmond Fed Manufacturing Index
• 10:05 AM: Fed’s Williams Speaks
• 10:20 AM: Fed’s Jefferson Speaks
• 1:00 PM: Fed’s Barkin Speaks
• 1:00 PM: 2-Year Note Auction

Notable Earnings

• Premarket: AZO, MLKN, THO
• Postmarket: KBH, WOR
• Premarket Wednesday: CTAS, CBRL, GIS, PAYX
• Postmarket Wednesday: FUL, SFIX

Upgrades/Downgrades

• Citi upgrades Fifth Third Bancorp (FITB) from Neutral to Buy
• Piper Sandler upgrades MetLife (MET) from Neutral to Overweight
• Northcoast upgrades Brinker International (EAT) from Neutral to Buy
• Jefferies downgrades Marathon Petroleum (MPC) and Valero Energy (VLO) from Buy to Hold

For this week's economic and earnings calendars, read the Week Ahead: Heavy Economic Data as U.S.-China Summit Looms

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