U.S. Stock Futures Higher: Tech Rebounding, Intel Upgraded

U.S. stock futures are higher in premarket trading led by a rebound in tech.

The moves come after the tech-heavy Nasdaq-100 (NDX) fell over 5% last week, its worst week since June, as investors rotated out of the AI trade. The Philadelphia Semiconductor index fell over 11% last week, led by double-digit percentage losses in chip stocks.

Oil prices are down this morning near $98 a barrel after rising about 8% last week on elevated geopolitical risks. Ship attacks in the Persian Gulf are rising and attacks on energy infrastructure have picked up between Ukraine and Russia.

Investor focus will be on earnings this week as quarterly reports pick up. Results are due from General Electric (GE), International Business Machines (IBM), Meta Platforms (META), SpaceX (SPCX), and Tesla (TSLA).

Snapshot

• Oil (/CL) – Oil prices are down about 0.86% near $98 a barrel as traders weighed potentially higher Russian supplies after U.S. sanctions relief on Friday. Crude rallied about 8% last week.
• Gold (/GC) – Gold futures are up 0.19% near $4,188.80 as the dollar firmed and lower oil prices eased inflation concerns ahead of next week's Federal Reserve meeting.
• Bitcoin (/BTC) – Cryptocurrency futures are up 0.9% near 82,335.
• VIX (/VIX) – The CBOE Volatility Index is down about 5.8% to near 18.83 after surging 21.4% Friday to close at 19.99, its highest level since July 29.
• U.S. Dollar ($DXY) – The dollar index is down 0.03% to 101.808.

Biggest Premarket Movers

Advancers:

• Bloom Energy (BE) +4.46%
• Teradyne (TER) +4.31%
• Lam Research (LRCX) +4.19%
• Keysight Technologies (KEYS) +4.17%
• Datadog (DDOG) +4.05%

Decliners:

• PPG Industries (PPG) -2.55%
• Cincinnati Financial (CINF) -2.28%
• Sysco (SYY) -2.26%
• Assurant (AIZ) -2.00%
• TKO Group Holdings (TKO) -2.00%

Economic Data

• 10:00 AM Housing Market Index
• 11:30 AM 3- and 6-Month Bill Auctions

Notable Earnings

• Premarket: CLF, DX, FITB
• Postmarket: AGNC, CCK, FNB, RLI, STLD, WAL, WRB, WTFC, ZION
• Premarket Tuesday: ALLY, CBSH, EFX, GE, GM, GPC, HAL, HAS, KEY, MMM, MSCI, NOC, RTX, SYF, VMI
• Postmarket Tuesday: ALK, CB, COF, ISRG, LRN, NFLX, NLY, OZK, PEGA, SPCX, UAL

Upgrades/Downgrades

Upgrades:

• JPMorgan upgrades Intel (INTC) from Underweight to Neutral
• Bernstein upgrades Datadog (DDOG) from Market Perform to Outperform
• KeyBanc upgrades Global Payments (GPN) from Sector Weight to Overweight
• UBS upgrades JetBlue (JBLU) from Sell to Neutral
• BofA upgrades Dow (DOW) from Underperform to Neutral

Downgrades:

• BofA downgrades Ameriprise (AMP) from Buy to Underperform
• Longbow downgrades Whirlpool (WHR) from Buy to Neutral
• Longbow downgrades Pool (POOL) from Buy to Neutral
• Piper Sandler downgrades BXP (BXP) from Overweight to Neutral
• Piper Sandler downgrades Hudson Pacific (HPP) from Overweight to Neutral
• Piper Sandler downgrades Newmark (NMRK) from Overweight to Neutral