U.S. stock futures are relatively flat in premarket trading as declines in tech shares and higher oil prices created headwinds for markets.

The moves come after weakness in stocks on Tuesday led by losses from semiconductor stocks with the Philadelphia Semiconductor Index (SOX) falling nearly 5%. While yields are pulling back from yesterday’s multiyear highs, oil prices are up roughly 0.6% to near $84.50 a barrel. U.S. President Donald ‌Trump said on Tuesday no talks were taking place with Iran and that the Strait of Hormuz was open, contradicting Iran, which said the waterway remained closed.

Retail earnings will be in focus today with both Target (TGT) and Lowe’s (LOW) lower after reporting quarterly results this morning. Target beat estimates and raised its FY26 guidance but the shares are under pressure after a 56% surge so far this year. Along with earnings, investors this afternoon will focus on the Fed minutes, which may shed light on three dissenters who voted for a 25 basis-point rate hike.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up 0.60% to $84.63 per barrel
• Gold (/GC) – Gold futures are flat at 4,418.80 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.26% to 54,545
• VIX (/VIX) – The CBOE Volatility Index is down 0.76% to 15.72
• U.S. Dollar ($DXY) – The dollar index is down 0.23% to 99.423

Big Premarket Movers (as of 8 AM ET)

Advancers:

• Moderna (MRNA) 95.46%
• Merck & Co. (MRK) 8.90%
• Estee Lauder Companies (EL) 8.15%
• Honeywell Aerospace (HONA) 2.33%
• KKR & Co. (KKR) 1.41%

Decliners:

• TJX Companies (TJX) -3.28%
• Lowe’s Companies (LOW) -3.08%
• Hewlett Packard Enterprise (HPE) -3.02%
• Oracle (ORCL) -2.65%
• Super Micro Computer (SMCI) -2.11%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 10:00 AM: Atlanta Fed Business Inflation Expectations
• 10:30 AM: EIA Oil Inventories
• 1:00 PM: 20-Year Bond Auction
• 2:00 PM: FOMC Minutes

Notable Earnings

• Premarket: ADI, KC, LOW, TGT, EL, TJX, VIK, WB, ZIM
• Postmarket: BILL, COTY, NDSN, WOLF
• Premarket Thursday: AAP, AEG, BABA, JG, ATHM, DE, FUTU, NTES, WMT
• Postmarket Thursday: FLO, ROST

Upgrades/Downgrades

• Morgan Stanley upgrades Honeywell Aerospace (HONA) from Equal Weight to Overweight
• Jefferies upgrades Dollar Tree (DLTR) from Underperform to Hold
• TD Cowen upgrades Dominion Energy (D) from Hold to Buy
• Morgan Stanley downgrades Baidu (BIDU) from Equal Weight to Underweight
• Deutsche Bank downgrades CME Group (CME) from Buy to Hold
• Citigroup downgrades Pershing Square Inc. (PS) from Buy to Neutral

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.