U.S. stock futures are higher in premarket trading as oil prices have paused their rally.

The moves come after another negative day for stocks with the S&P 500 on a four-session losing streak. Oil prices are down 3% this morning near $99 a barrel after hitting over three-month highs above $104 overnight.

Yields are slightly lower with the 10-Year near 4.94% after settling at its highest level since October of 2023. Investor focus will be on inflation today with the consumer price index reading for August due this morning. Expectations are for a headline increase of 0.4% month over month and a 0.2% gain for the core. On a year over year basis, headline is estimated to come in at 3.4% and core to decrease to 2.4% from July’s 2.5%.

The CPI report results will be a large factor in the Fed decision to hold steady or raise rates next week. According to the CME FedWatch tool, traders are pricing in a roughly 69% chance of a 25-basis-point hike at next week’s FOMC meeting.

Snapshot

• Oil (/CL) – Oil futures are down 3.22% to $99.24 per barrel
• Gold (/GC) – Gold futures are per ounce down 0.77% to 4,372.09
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.25% to 77,065
• VIX (/VIX) – The CBOE Volatility Index is down 4.2% to 17.09
• U.S. Dollar ($DXY) – The dollar index is up 0.12% to 99.164

Big Premarket Movers

Advancers

• Oracle Corp (ORCL) 5.47%
• Copart Inc (CPRT) 5.24%
• Coherent Corp (COHR) 1.62%
• Applied Materials Inc (AMAT) 1.56%
• KLA Corp (KLAC) 1.54%

Decliners

• Adobe Inc (ADBE) -3.99%
• Kroger Co (KR) -1.67%
• Occidental Petroleum Corp (OXY) -1.08%
• Diamondback Energy Inc (FANG) -1.04%
• Devon Energy Corp (DVN) -1.00%

Economic Data (ET)

• 8:30 AM: CPI
• 10:30 AM: Consumer Sentiment
• 2:00 PM: Treasury Statement

Notable Earnings

• Premarket: KR, RENT
• Postmarket: N/A
• Premarket Monday: HAIN
• Postmarket Monday: PLAY

Upgrades/Downgrades

• BofA upgrades International Paper (IP) to Buy from Neutral
• Morgan Stanley downgrades Novo Nordisk (NVO) from Equal Weight to Underweight
• Wedbush downgrades Fortinet (FTNT) from Outperform to Neutral
• JPMorgan downgrades Chewy (CHWY) from Overweight 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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