U.S. stock futures are mixed premarket as traders await the October consumer inflation report.

This follows a broad-based rally on Monday led by gains in tech stocks. Monday’s rally came after a volatile week for markets, in which traders grew concerned about a potential slowdown in data center buildouts after Democrats posted big victories in the midterm elections.

Nvidia (NVDA) shares fell over 4% Monday on news its board of directors is opening an investigation into co-founder and CEO Jensen Huang’s relationship with a businesswoman who U.S. intelligence agencies allege is a Chinese spy.

The October CPI data is due this morning with the consensus seeing an increase of 0.3% month over month on headline with 0.2% ex-food & energy for October. There will be no year-over-year data due to the government shutdown last October. Aside from the CPI report, investor focus will be on Fedspeak today. Fed Governor Christopher Waller said in a speech Tuesday that he thinks a December rate hike is likely and opened the door for a larger half-point increase next month.

Snapshot

• Oil (/CL) – Oil futures are down 2.2% to $84.93 per barrel
• Gold (/GC) – Gold futures are down 0.68% to $4,085.80 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.81% to 74,330
• VIX (/VIX) – The CBOE Volatility Index is up 0.55% to 20.03
• U.S. Dollar ($DXY) – The dollar index is up 0.10% to 101.757

Big Premarket Movers

Advancers

• Take-Two Interactive Software (TTWO) +4.28%
• Dollar Tree (DLTR) +2.01%
• Charles River Laboratories International (CRL) +1.69%
• CBRE Group (CBRE) +1.69%
• FedEx (FDX) +1.64%

Decliners

• GE Vernova (GEV) -6.31%
• Caterpillar (CAT) -4.15%
• Coherent (COHR) -3.70%
• Vertiv Holdings (VRT) -3.63%
• Generac Holdings (GNRC) -3.58%

Economic Data (ET)

• 6:00 AM: NFIB Small Business Optimism Index
• 8:30 AM: CPI
• 10:50 AM: Fed’s Logan Speaks
• 1:00 PM: 10-Year Note Auction
• 1:30 PM: Fed’s Schmid Speaks
• 3:30 PM: Fed’s Bowman Speaks
• 6:30 PM: Fed’s Paulson/Bowman Speak

Notable Earnings

• Premarket: HMC, ONON, QBTS, SBH, SE, TDG, VG, WIX
• Postmarket: ALC, BV, CRWV, FLY, GO, RGTI, SONO, STUB
• Premarket Wednesday: N/A
• Postmarket Wednesday: CAE, CTVA, VTLR

Upgrades/Downgrades

Upgrades:

• DZ Bank upgrades Cloudflare (NET) from Sell to Buy
• Jefferies upgrades Riot Platforms (RIOT) from Hold to Buy
• Deutsche Bank upgrades Sarepta Therapeutics (SRPT) from Sell to Hold

Downgrades:

• Freedom Broker downgrades Qualcomm (QCOM) from Buy to Hold
• Wells Fargo downgrades DraftKings (DKNG) from Overweight to Equal Weight
• Berenberg downgrades DraftKings (DKNG) from Buy to Hold
• UBS downgrades Carlyle (CG) from Buy to Neutral
• BofA downgrades Wix.com (WIX) from Buy to Underperform
• DA Davidson downgrades Trex Company (TREX) 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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