U.S. stock futures are slightly lower ahead of the Wall Street open as traders await tomorrow’s meeting between President Trump and China’s President Xi.

On Tuesday, markets were mixed with the S&P 500 (SPX) flat while the tech-heavy Nasdaq-100 (NDX) rallied to a new all-time high. Oil prices are flat near $90 a barrel and are down roughly 5% this week. 

Yesterday, President Donald Trump said he has a “big decision” over whether to reach a deal with Tehran or “annihilate” the country. He followed that up stating that U.S. officials had a “very good meeting” with Iran’s delegation and that it lasted about three hours.

Investor focus will remain on oil prices along with headline risks out of the UN Summit head of the Trump/Xi meeting Thursday.

Snapshot

• Oil (/CL) – Oil futures are up 0.08% to $90.60 per barrel
• Gold (/GC) – Gold futures are down 0.76% to 4,343.30 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.88% to 85,530
• VIX (/VIX) – The CBOE Volatility Index is up 1.06% to 14.36
• U.S. Dollar ($DXY) – The dollar index is up 0.30% to 100.902

Big Premarket Movers

Advancers:

• Royal Caribbean Cruises Ltd. (RCL) +1.11%
• Adobe Inc. (ADBE) +0.84%
• Occidental Petroleum Corp. (OXY) +0.83%
• Charter Communications Inc. (CHTR) +0.80%
• Microsoft Corp. (MSFT) +0.79%

Decliners:

• AppLovin Corp. (APP) -2.75%
• Freeport-McMoRan Inc. (FCX) -2.43%
• Newmont Corp. (NEM) -2.17%
• KLA Corp. (KLAC) -2.08%
• Lam Research Corp. (LRCX) -2.05%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 9:45 AM: PMI Composite – Flash
• 10:00 AM: Atlanta Fed Business Inflation Expectations
• 10:05 AM: Fed’s Barr Speaks
• 10:30 AM: EIA Oil Inventories
• 1:00 PM: 5-Year Note Auction

Notable Earnings

• Premarket: CTAS, CBRL, GIS, PAYX
• Postmarket: FUL, SFIX
• Premarket Thursday: BB, DRI, SNX
• Postmarket Thursday: COST, SCHL

Upgrades/Downgrades

• Stifel upgrades Microsoft (MSFT) from Hold to Buy
• JPMorgan upgrades BP (BP) from Neutral to Overweight
• JPMorgan upgrades Graphic Packaging (GPK) from Neutral to Overweight
• Wolfe Research downgrades Autoliv (ALV) from Outperform to Peer Perform
• UBS downgrades PG&E (PCG) 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.