U.S. stocks, on track for their strongest week in months, are slightly higher in premarket trading after falling modestly on Thursday as investors await the July jobs report.

Fueling markets is a rebound in AI names, strong earnings and hopes for a Strait of Hormuz deal.The S&P 500 (SPX) is up 2.9% this week, while the Dow Industrial Index ($DJI) has gained 2.7% and the Nasdaq-100 (NDX) is outperforming with a 3.9% rise.

Rising oil prices dented equity sentiment yesterday as crude rose 5%. On the corporate front, Airbnb (ABNB), Instacart (CART) and Akamai (AKAM) are all sharply higher post earnings, but The Trade Desk (TTD) is selling off after missing estimates.

Investor focus turns to July’s jobs data at 8:30 am ET. July’s nonfarm payrolls are expected to be muted at 85,000 additions with the unemployment rate staying unchanged at 4.2%. Traders will look to wage growth and participation in the labor force for clues on the job market ahead of next week’s CPI and PPI inflation data.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are down 0.2% to near $77 per barrel
• Gold (/GC) – Gold futures are up 1.7% to 4,375 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.96% to 65,240
• VIX (/VIX) – The CBOE Volatility Index is up 0.20% to 15.18
• U.S. Dollar ($DXY) – The dollar index is down 0.07% to 99.855

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Akamai Technologies (AKAM) +7.97%
• Airbnb (ABNB) +7.33%
• Microchip Technology (MCHP) +6.37%
• Coherent (COHR) +5.32%
• First Solar (FSLR) +4.53%

Decliners:

• The Trade Desk (TTD) -27.84%
• ResMed (RMD) -7.72%
• Vistra (VST) -2.20%
• Allstate (ALL) -0.61%
• Wells Fargo (WFC) -0.57%%

Economic Data (ET)

• 8:30 AM: July Jobs Report
• 10:00 AM: Fed’s Barkin Speaks
• 3:00 PM: Consumer Credit

Notable Earnings

• Premarket: AMR, CGC, FLR, GLP, OKLO, SPB, TTWO, UAA, VST, WE
• Postmarket: N/A
• Premarket Monday: CRC, FERG, MNDY, RDNT
• Postmarket Monday: ACM, ALC, ACHR, ASTS, BZH, HIMS, IHRT, PLUG, QUBT, RKLB, SPG, UPWK

Upgrades/Downgrades

• BofA upgrades Unity Software (U) from Neutral to Buy
• Wedbush upgrades Airbnb (ABNB) from Neutral to Outperform
• BofA upgrades Atlassian (TEAM) from Neutral to Buy
• Citi downgrades JetBlue Airways (JBLU) from Neutral to Sell
• Baird downgrades The Trade Desk (TTD) from Outperform to Neutral
• Bernstein downgrades Celsius Holdings (CELH) from Outperform to Market Perform

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