U.S. stock futures are lower in premarket trading with tech under pressure after Intel (INTC) and Amazon (AMZN) earnings.

The moves come after losses on Thursday led by a 12% slide in Alphabet (GOOGL) shares on weak earnings. Amazon (AMZN) shares are down 6% ahead of the open after the company reported earnings and revenue for the third quarter that fell short of Wall Street’s expectations. Intel (INTC) shares are sliding 25% after issuing a weak outlook for the current quarter and a slowdown in PCs sales into 2027.

Today marks the end of a volatile October for markets led by losses in the tech-heavy Nasdaq-100 (NDX). With little economic data, investors will focus on earnings fallout today.

Snapshot

• Oil (/CL) – Oil futures are up 2% to $104.10 per barrel
• Gold (/GC) – Gold futures are down 1.34% near $3,977.20 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 4.5% to 77,430
• VIX (/VIX) – The CBOE Volatility Index is up 8.5% to 18.67
• U.S. Dollar ($DXY) – The dollar index is down 0.38% to 101.664

Big Premarket Movers

Advancers:

• Mondelez International Inc (MDLZ) 6.97%
• Regeneron Pharmaceuticals Inc (REGN) 6.75%
• Gilead Sciences Inc (GILD) 4.41%
• Colgate-Palmolive Co (CL) 4.01%
• FedEx Freight Holding Co (FDXF) 3.94%

Decliners:

• Intel Corp (INTC) -25.07%
• Reddit Inc (RDDT) -20.63%
• Twilio Inc A (TWLO) -18.49%
• Illumina Inc (ILMN) -13.26%
• Dell Technologies Inc (DELL) -12.38%

Economic Data (ET)

• 8:30 AM: Employment Cost Index
• 9:45 AM: Chicago PMI 
• 12:00 PM: Fed’s Daly Speaks
• 12:30 PM: Fed’s Musalem Speaks

Notable Earnings

• Premarket: ABBV, AN, AZN, BP, CBOE, CCJ, CHD, CL, CNI, CPRI, CVX, D, EXC, GD, JKS, KVUE, LEA, LYB, MGA, NWL, REGN, SNY, VRTS, XOM
• Postmarket: N/A
• Premarket Monday: CHH, CHKP, CAN, EL, FOXA, MAR, PEG, TEM, TSEM
• Postmarket Monday: AAPL, AEHR, BCC, CC, CE, CLX, CWH, EQH, FANG, FN, HUN, JAZZ, MTCH, O, ON, PAY, PLTR, RIG, ROKU, SBAC, VNO, VRTX, WMB

Upgrades/Downgrades

Upgrades:

• HSBC upgrades GE Vernova (GEV) from Hold to Buy
• Oppenheimer upgrades Incyte (INCY) from Perform to Outperform
• Jefferies upgrades Rivian (RIVN) from Hold to Buy
• MoffettNathanson upgrades Lumen (LUMN) from Sell to Neutral

Downgrades:

• BofA downgrades Intel (INTC) from Buy to Neutral
• Roth Capital downgrades Intel (INTC) from Buy to Neutral
• Citizens downgrades Reddit (RDDT) from Outperform to Market Perform
• KeyBanc downgrades Reddit (RDDT) from Overweight to Sector Weight
• TD Cowen downgrades Hershey (HSY) from Buy to Hold
• BMO Capital downgrades Honeywell Aerospace (HONA) from Outperform to Market Perform
• TD Cowen downgrades Boston Scientific (BSX) from Buy to Hold
• TD Cowen downgrades Mobileye (MBLY) 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.

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