U.S. Stock Futures Mixed, Technology Stocks Lagging Again

U.S. stock futures are mixed in premarket trading with tech lagging again.

The moves come after a rebound in tech stocks on Thursday despite another hot inflation report on the September PPI. The S&P 500 (SPX) and Dow Industrial Average ($DJI) finished Thursday’s session in the green as investors rotated into sectors outside of tech with the Nasdaq-100 (NDX) finishing slightly lower. The S&P 500, Nasdaq-100 and small-cap Russell 2000 (RUT) are all negative on the week while the Dow Industrial average is up about 1%.

On the corporate front, shares of Tesla (TSLA) are up more than 3% in premarket trading after unveiling its second-generation Roadster last evening. With little economic data today, investor focus will turn to earnings next week. Reports are due from heavyweights including Netflix (NFLX), Meta Platforms (META), Tesla (TSLA) and International Business Machines (IBM).

Snapshot

• Oil (/CL) – Oil futures are up 0.04% to $96.53 per barrel
• Gold (/GC) – Gold futures are up 0.58% to $4,194.30 per ounce
• Bitcoin (/BTC) – Cryptocurrency futures are up 0.29% to 82,660
• VIX (/VIX) – The CBOE Volatility Index is down 2.2% to 16.10
• U.S. Dollar ($DXY) – The dollar index is down 0.36% to 101.679

Big Premarket Movers

Advancers

• Tesla (TSLA) +3.02%
• Fox Corp. (FOXA) +2.69%
• EchoStar (ECHO) +2.13%
• Prologis (PLD) +1.46%
• Salesforce (CRM) +1.34%

Decliners

• Travelers Companies (TRV) -3.88%
• Netflix (NFLX) -2.93%
• Micron Technology (MU) -2.39%
• SanDisk (SNDK) -2.25%
• Citizens Financial Group (CFG) -2.08%

Economic Data

• 8:30 AM Import and Export Prices
• 9:15 AM Industrial Production
• 4:00 PM Treasury International Capital

Notable Earnings

• Premarket: CFG, MTB, RF, TFC, TRV
• Postmarket: N/A
• Premarket Monday: CLF, DX, FITB
• Postmarket Monday: AGNC, CCK, FNB, RLI, STLD, WAL, WRB, WTFC, ZION

Upgrades/Downgrades

Upgrades:

• Freedom Broker upgrades JPMorgan (JPM) from Hold to Buy
• Goldman Sachs upgrades Zeta Global (ZETA) from Neutral to Buy
• Raymond James upgrades Capri Holdings (CPRI) from Outperform to Strong Buy
• BofA upgrades Fox Corp. (FOXA) from Underperform to Buy
• JPMorgan upgrades EchoStar (ECHO) from Underweight to Overweight

Downgrades:

• KeyBanc downgrades Workday (WDAY) from Overweight to Sector Weight
• Goldman Sachs downgrades Klaviyo (KVYO) from Buy to Neutral
• Oppenheimer downgrades Equifax (EFX) from Outperform to Perform
• JPMorgan downgrades Eastman Chemical (EMN) from Overweight 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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