U.S. stock futures are modestly higher in premarket trading as October trading kicks off.

The moves come after mixed results for the major indices last month. The S&P 500 (SPX) was down 0.45% last month but the tech-heavy Nasdaq-100 (NDX) jumped 3.2%. The Dow Industrial Average ($DJI) fell 4.3% in September and the small-cap Russell 2000 (RUT) dumped 5.4% last month.

Yields are flat this morning and supporting equities despite the benchmark 10-Year hitting over 5.33% overnight, its highest level since 2002. Oil prices are also rising this morning after reports that Chinese refiners have suspended October fuel exports.

Investor focus remains on yields and oil today along with economic data including reports on Jobless Claims and manufacturing reports.

Snapshot

• Oil (/CL) – Oil futures are up 1.4% to near $92 a barrel
• Gold (/GC) – Gold futures are up 0.6% near $4,186.70 per ounce
• Bitcoin (/BTC) – The Crypto Future is up 0.3% near 84,200
• VIX – The CBOE Volatility Index is up 0.9% to 16.49
• U.S. Dollar ($DXY) – The dollar index is up 0.41% to 101.861

Big Premarket Movers

Advancers:

• Accenture PLC (ACN) +18.61%
• Cognizant Technology Solutions Corp (CTSH) +7.07%
• IBM Corp (IBM) +5.55%
• McCormick & Co. Inc. (MKC) +4.18%
• Constellation Energy (CEG) +3.54%

Decliners:

• Moderna Inc. (MRNA) -3.32%
• CrowdStrike Holdings Inc. (CRWD) -1.42%
• Prologis Inc. (PLD) -0.76%
• Micron Technology Inc. (MU) -0.67%
• Linde PLC (LIN) -0.63%

Economic Data (ET)

• 5:30 AM: Challenger Job-Cut Report
• 8:30 AM: Jobless Claims
• 9:45 AM: PMI Manufacturing - Final
• 10:00 AM: ISM Manufacturing Index
• 10:00 AM: Construction Spending
• 10:00 AM: Fed’s Waller Speaks
• 10:30 AM: EIA Natural Gas Inventories
• 1:30 PM: Fed’s Jefferson Speaks
• 3:00 PM: Fed’s Bowman Speaks
• 3:30 PM: Fed’s Williams/Cook Speak
• 6:45 PM: Fed’s Logan Speaks

Notable Earnings

• Premarket: ACN, AYI, MKC
• Postmarket: NKE
• Premarket Friday: N/A
• Postmarket Friday: N/A

Upgrades/Downgrades

Upgrades:

• Goldman Sachs upgrades Occidental Petroleum (OXY) from Neutral to Buy
• Wells Fargo upgrades BP (BP) from Equal Weight to Overweight
• Loop Capital upgrades Dollar Tree (DLTR) from Hold to Buy
• BofA upgrades BHP Group (BHP) from Neutral to Buy
• Wells Fargo upgrades Consolidated Edison (ED) from Equal Weight to Overweight
• Argus upgrades Regeneron Pharmaceuticals (REGN) from Hold to Buy
• Stifel upgrades Hub Group (HUBG) from Sell to Hold

Downgrades:

• Wells Fargo downgrades Exxon Mobil (XOM) to Equal Weight from Overweight

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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