U.S. stock futures are slightly lower in premarket trading and extending yesterday’s tech-led losses.

The moves come after the tech-heavy Nasdaq-100 (NDX) fell nearly 3% on Thursday, its worst day since June. Concerns around artificial intelligence spending weighed down the market with chip stocks leading to the downside. The Philadelphia Semiconductor Index (SOX) is down 3.6% this week and off 15% in October.

Treasury yields fell sharply Thursday as investors sought safety, with the benchmark 10-year down 19 basis points to 4.95%. Oil prices continue to grind higher with WTI futures up over 1% near $101 a barrel.

Despite the recent volatility, only the Nasdaq-100 is down on the week. Investor focus turns to next week with the Federal Open Market Committee (FOMC) rate announcement, inflation data and major tech earnings from Alphabet (GOOGL), Microsoft (MSFT) and Amazon (AMZN) due.

Snapshot

• Oil (/CL) – Oil futures are up 1.2% to $100.67 per barrel
• Gold (/GC) – Gold futures are down 0.52% to $4,039.8 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.20% to 81,615
• VIX (/VIX) – The CBOE Volatility Index is up 2.8% to 19.57
• U.S. Dollar ($DXY) – The dollar index is up 0.19% to 101.799

Big Premarket Movers

Advancers:

• Crown Castle (CCI) +9.08%
• American Tower (AMT) +6.79%
• SBA Communications (SBAC) +6.51%
• Lumentum Holdings (LITE) +3.98%
• Cboe Global Markets (CBOE) +2.80%

Decliners:

• Deckers Outdoor (DECK) -7.83%
• AT&T (T) -4.49%
• T-Mobile US (TMUS) -4.46%
• Western Digital (WDC) -4.12%
• Verizon Communications (VZ) -3.87%

Economic Data (ET)

• 9:45 AM: PMI Composite - Flash 
• 10:00 AM: Consumer Sentiment

Notable Earnings

• Premarket: ALV, AXP, BAH, GNTX, INFY, RCI, SLB
• Postmarket: N/A
• Premarket Monday: CX, VZ
• Postmarket Monday: AMKR, BRO, CDNS, CLS, GBX, HIG, NE, NUE, PFG, PSA, PSMT, RMBS, VLRS, WELL

Upgrades/Downgrades

Upgrades:

• Phillip Securities upgrades SpaceX (SPCX) from Sell to Buy
• JPMorgan upgrades Skydance (SKYD) from Underweight to Neutral
• Jefferies upgrades MSC Industrial Direct (MSM) from Hold to Buy.

Downgrades:

• JPMorgan downgrades Norwegian Cruise Line (NCLH) from Neutral to Underweight
• Piper Sandler downgrades Deckers Outdoor (DECK) from Neutral to Underweight
• DZ Bank downgrades Thermo Fisher Scientific (TMO) from Buy to Hold

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.