U.S. stock futures are modestly higher in premarket trading as investors digested the latest Big Tech earnings, the Federal Reserve’s decision to hold rates steady, and more hostilities in the Middle East.

The moves come after the post FOMC meeting selloff on Wednesday with the S&P 500 (SPX) down 1.5% and the Nasdaq-100 slumping over 2%. Yields are rising after the Fed decision with the 30-Year above 5.2% for the first time in 19 years. Earnings are also being closely watched with Microsoft (MSFT) shares up nearly 10% ahead of the opening bell while Meta Platforms (META) is down 9% after reporting quarterly results.

Economic data will be in focus today with Personal Income and Outlays, Jobless Claims and the first read on Q2 GDP due this morning. Investors are also gearing up for more corporate results with Amazon (AMZN) and Apple (AAPL) earnings due after the closing bell.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are down roughly 1% to $83.51 per barrel
• Gold (/GC) – Gold futures are up roughly 1% to 4,136.60 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up about 2% to 64,830
• VIX (/VIX) – The CBOE Volatility Index is down 7.5% to 19.10
• U.S. Dollar ($DXY) – The dollar index is down 0.17% to 100.710

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Baxter International (BAX) +14.25%
• Huntington Ingalls Industries (HII) +11.27%
• EMCOR Group (EME) +10.78%
• Fortinet (FTNT) +10.51%
• Microsoft (MSFT) +9.87%

Decliners:

• Carvana (CVNA) -11.04%
• Meta Platforms (META) -9.07%
• Fair Isaac (FICO) -8.24%
• Norwegian Cruise Line Holdings (NCLH) -6.70%
• Qualcomm (QCOM) -6.12%

Economic Data (ET)

• 7:30 AM: GDP 1st Read (Q2)
• 7:30 AM: Jobless Claims
• 7:30 AM: Personal Income and Outlays
• 9:30 AM: EIA Natural Gas Inventories
• 3:30 PM: Fed Balance Sheet

Notable Earnings

• Premarket: AOS, ADT, AGCO, APD, MO, ABEV, AEP, BUD, MT, AVY, BAX, OWL, BMY, BC, BLDR, GOOS, CHKP, CI, CNK, CROX, EPD, EXC, RACE, AG, GIL, GPI, HSY, H, ICE, IP, KBR, KKR, MLM, MA, NCLH, REGN, SNY, SHEL, SIRI, SAH, SO, STLA, FTI, TW, TT, VLO, WTW, XEL, XRX, XPO, YUM
• Postmarket: AMZN, AAPL, AJG, BJRI, COIN, CTVA, DXC, EMN, ES, FSLR, FND, GDDY, HUN, ILMN, LYV, MTZ, MHK, NXT, OLN, RDDT, RIVN, RBLX, SNDR, MSTR, SYK, TEM, WU, WY
• Premarket Friday: ABBV, AN, BEP, CCJ, CBOE, CVX, CHD, CL, D, ETN, ENB, XOM, FTS, IMO, LEA, LIN, LYB, MRNA, NWL, TROW
• Postmarket Tomorrow: N/A

Upgrades/Downgrades

• Mizuho upgrades Bloom Energy (BE) to Outperform from Neutral
• Keefe Bruyette upgrades Core Scientific (CORZ) to Outperform from Market Perform
• JPMorgan upgrades Sprouts Farmers Market (SFM) to Overweight from Neutral
• HSBC downgrades Procter & Gamble (PG) to Hold from Buy
• Argus downgrades Las Vegas Sands (LVS) to Hold from Buy
• Raymond James downgrades Wix.com (WIX) to Outperform from Strong 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.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, futures commission merchant or forex dealer member.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

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.