U.S. stock futures are slightly higher ahead of the Wall Street open as investors grew more optimistic on AI valuations and were encouraged by the tone of a Supreme Court hearing on President Donald Trump’s sweeping tariffs.

Investors are seeing a path that the Supreme Court will rule against the Trump administration’s aggressive trade policy after high court justices on Wednesday expressed some skepticism about the trade taxes’ legality at a hearing in Washington. The potential ruling would trigger a rollback of the president’s tariffs, potentially pushing stocks higher.

The moves come after the equity market bounced back on Wednesday following a soft start to the week. Focus remains on earnings today along with the government shutdown, tariff implications and Tesla’s (TSLA) investor day.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.8% near $60 a barrel, buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite.
• Gold (/GC) – Gold futures are up 0.6% near $4020 as a retreat in the dollar and a prolonged U.S. government shutdown raised worries over the economic outlook.
• Bitcoin (/BTC) – The Crypto Future is down 1.2% near 103,000 in premarket trading.
• VIX – The CBOE Volatility Index fell 5.2% on Wednesday and settled at 18.01 as stocks were higher.
• U.S. Dollar (/DX) – The dollar is down 0.3% to 99.8.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Datadog (DDOG): +8.08%
2. Applovin (APP): +7.88%
3. Rockwell Automation (ROK): +5.35%

1. Fortinet (FTNT): -10.05%
2. CarMax (KMX): -9.38%
3. Tapestry (TPR): -7.69%

Economic Data

• 7:30 AM ET: Challenger Job-Cut Report
• 8:30 AM ET: Productivity & Costs
• 10:00 AM ET: Wholesale Inventories
• 10:30 AM ET: Natural Gas Inventories
• 11:00 AM ET: Fed’s Barr Speaks, Fed’s Williams Speaks
• 12:00 PM ET: Fed’s Hammack Speaks
• 3:30 PM ET: Fed’s Waller Speaks
• 4:30 PM ET: Fed’s Paulson Speaks

Notable Earnings

• Premarket: APD, ATUS, AZN, ATHM, BDX, GOOS, BLMN, CARS, COP, CMI, QBTS, DDOG, DD, H, KVUE, DNUT, MRNA, NRG, PZZA, PH, PENN, PLNT, RL, ROK, FOUR, TPR, TRIP, UAA, VST, SEAT, YETI
• Postmarket: AMRK, AFRM, ABNB, AKAM, ACHR, XYZ, CARG, CE, CC, DKNG, DBX, EXPE, HRB, MCHP, MP, NWS, OPEN, PTON, RXT, SNDK, SOLV, SOUN, RUN, SG, TTWO, TXRH, TTD, WYNN, YELP
• Premarket Tomorrow: AMCX, BAM, CEG, DK, DUK, EOG, FLR, HMC, HAIN, KKR, FUN, WEN
• Postmarket Tomorrow: None

Upgrades/Downgrades

• HSBC upgrades Caterpillar (CAT) to Buy from Hold
• Argus upgrades Super Micro (SMCI) to Buy from Hold
• Stifel upgrades Biogen (BIIB) to Buy from Hold
• RBC Capital downgrades Bumble (BMBL) to Sector Perform from Outperform
• Piper Sandler downgrades e.l.f. Beauty (ELF) to Neutral from Overweight
• Stifel downgrades BioMarin (BMRN) to Hold from Buy

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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.