U.S. stock futures are higher and rebounding in premarket trading after stocks fell sharply on Friday. The moves come after a mixed week of trading with the S&P 500 (SPX) and Nasdaq-100 (NDX) lower while the Dow ($DJI) and small-cap (RUT) rose last week.

Traders continued to rotate out of tech with Broadcom (AVGO) down over 7% and Oracle (ORCL) falling 12.7% post earnings.

Investor focus will be on data this week with November nonfarm payrolls figures are set for release Tuesday, along with October retail sales figures. The November consumer price index is due out on Thursday.  

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.5% near $57.20 a barrel as investors balanced supply disruptions linked to escalating U.S.-Venezuela tensions with oversupply concerns and the impact of a potential Russia-Ukraine peace deal.
• Gold (/GC) – Gold Futures are up 1% at $4375 and is near a seven-week high, supported by a weaker dollar, expectations of interest rate cuts and safe-haven buying due to geopolitical tensions, while silver gained but held below Friday’s record high.
• Bitcoin (/BTC) – The Crypto Future is down 0.6% near 89,900 in premarket trading.
• VIX – The CBOE Volatility Index rose 6% on Friday and settled at 15.74 as stocks sold off.
• U.S. Dollar (/DX) – The dollar is down 0.2% to 97.9.

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

1. Franklin Resources (BEN): +3.75%
2. Teradyne (TER): +2.91%
3. Las Vegas Sands (LVS): +2.54%
4. KLA Corp. (KLAC): +2.18%
5. Dollar General (DG): +2.17%

1. ServiceNow (NOW): -4.05%
2. Texas Instruments (TXN): -3.00%
3. W.R. Berkley (WRB): -1.57%
4. HCA Healthcare (HCA): -1.40%
5. Adobe (ADBE): -1.38%

Economic Data

• 8:30 AM ET: Empire State Mfg. Index
• 10:00 AM ET: Housing Market Index
• 10:30 AM ET: Fed’s Williams Speaks

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Tomorrow: DLTH
• Postmarket Tomorrow: LEN, WOR

Upgrades/Downgrades

• Goldman Sachs upgrades Marriott (MAR), Hilton (HLT) & Las Vegas Sands (LVS) to Buy from Neutral
• KeyBanc double upgrades Akamai (AKAM) to Overweight from Underweight
• Jefferies upgrades KLA Corp. (KLAC) to Buy from Hold
• KeyBanc downgrades Adobe (ADBE) & ServiceNow (NOW) to Underweight from Sector Weight
• Goldman Sachs downgrades Arm (ARM) to Sell from Neutral
• Goldman Sachs double downgrades Texas Instruments (TXN) to Sell from Buy

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.

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