U.S. stock futures are mixed in premarket trading as traders digest bank earnings and assess weakness in tech stocks.

The moves come after modest losses Monday with the S&P 500 off fractionally and the Nasdaq-100 (NDX) down 0.7%. Memory chip stocks are sliding this morning with Micron (MU), Western Digital (WDC) and Seagate (STX) down over 3% or more. Chip stocks are weak in response to a 5% slide in South Korea’s KOSPI index on valuation concerns in the space along with growing competition out of China.

On the banking side, JPMorgan Chase (JPM) shares are modestly higher despite a rare earnings miss this morning.

Oil prices are down about 1.3% this morning near $92 a barrel and are reversing yesterday’s gains as investors weighed prospects of more Russian energy entering global markets. Investor focus will be on earnings results this morning along with oil prices and geopolitical tensions that are ramping up.

Snapshot

• Oil (/CL) – Oil futures are down 1.3% to $92.54 per barrel
• Gold (/GC) – Gold futures are up 0.5% to $4,209 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.86% to 83,635
• VIX (/VIX) – The CBOE Volatility Index is up 1.3% to 15.41
• U.S. Dollar ($DXY) – The dollar index is down 0.33% to 102.252

Big Premarket Movers

Advancers:

• Goldman Sachs (GS) +3.25%
• UnitedHealth Group (UNH) +2.24%
• International Flavors & Fragrances (IFF) +1.99%
• Morgan Stanley (MS) +1.58%
• MGM Resorts International (MGM) +1.47%

Decliners:

• Western Digital (WDC) -5.81%
• Seagate Technology (STX) -5.48%
• SanDisk (SNDK) -4.46%
• Micron Technology (MU) -3.79%
• Moderna (MRNA) -3.67%

Economic Data (ET)

• 6:00 AM: NFIB Small Business Optimism Index
• 10:00 AM: Existing Home Sales
• 1:00 PM: Fed’s Barkin Speaks
• 4:00 PM: Fed’s Collins Speaks 

Notable Earnings

• Premarket: ACI, C, DPZ, GS, JNJ, JPM, UNH, WFC
• Postmarket: AZZ
• Premarket Tomorrow: ASML, BAC, BLK, FAST, MS, PGR, STT
• Postmarket Tomorrow: N/A

Upgrades/Downgrades

Upgrades:

• KeyBanc upgrades Exelon (EXC) from Underweight to Sector Weight and American Electric Power (AEP) from Sector Weight to Overweight
• Barclays upgrades Viking Holdings (VIK) from Equal Weight to Overweight
• Piper Sandler upgrades VF Corp. (VFC) from Neutral to Overweight
• Truist upgrades VF Corp. (VFC) from Hold to Buy
• Nordea upgrades AstraZeneca (AZN) from Sell to Buy
• Citi upgrades Galaxy Digital (GLXY) from Neutral to Buy

Downgrades:

• HSBC downgrades Adobe (ADBE) from Buy to Hold
• Deutsche Bank downgrades RTX (RTX) from Buy to Hold
• Bernstein downgrades AT&T (T) from Outperform to Market Perform
• RBC Capital downgrades Chemours (CC) from Outperform to Sector Perform
• Piper Sandler downgrades AST SpaceMobile (ASTS) from Overweight to Neutral

For the select economic and earnings calendars for this week, see Week Ahead: Banks Kick Off Earnings, Economic Data in Focus

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