Stocks are under pressure to start Friday, with S&P 500 and Nasdaq futures pointing lower as a sell-off in technology names deepens.

Tech-heavy indices are leading declines globally, with U.S. and European futures also in negative territory. Weakness in artificial intelligence-linked stocks is a key driver. Oil prices are down more than 2% as traders set aside escalation risk in the Middle East and the Strait of Hormuz.

Focus is also on the FTSE Russell’s semi-annual reconstitution after the close. Analysts note the reshuffling will impact about $12 trillion tied to Russell indexes and could drive one of the largest-volume sessions of the year.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil prices are down more than 2% to more than $70
• Gold (/GC) – Gold is up 0.28% to 4,059.10
• Bitcoin (/BTC) – The cryptocurrency is flat at 59,440
• VIX (VIX) – The CBOE Market Volatility Index has jumped 7% to 20.23
• U.S. Dollar (/DX) – The dollar is down -0.18% to 101.252

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Incyte Corp (INCY) 1.37%
• American Tower Corp (AMT) 1.08%
• Palantir Technologies Inc (PLTR) 1.05%
• Microsoft Corp (MSFT) 1.01%
• Adobe Inc (ADBE) 0.92%

Decliners:

• ON Semiconductor Corp (ON) -14.37%
• Sandisk Corp (SNDK) -5.10%
• Micron Technology Inc (MU) -4.99%
• Western Digital Corp (WDC) -4.34%
• Marvell Technology Inc (MRVL) -4.32%

Economic Data (ET)

• 08:30 AM: International Trade in Goods
• 08:30 AM: Retail Inventories
• 08:30 AM: Wholesale Inventories
• 10:00 AM: Consumer Sentiment
• 01:00 PM: Baker Hughes Rig Count

Notable Earnings

• Premarket: APOG
• Postmarket: n/a
• Premarket Monday: n/a
• Postmarket Monday: AVAV, CNXC

Upgrades/Downgrades

• DZ Bank upgrades Qualcomm (QCOM) to Buy from Hold
• RBC upgrades American Tower (AMT) to Outperform from Sector Perform
• Raymond James upgrades Essex Property Trust (ESS) to Outperform from Market Perform
• KeyBanc downgrades Nike (NKE) to Sector Weight from Overweight
• Macquarie downgrades Trip.com (TCOM) to Neutral from Outperform
• TD Cowen downgrades On Semi (ON) to Hold 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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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.