U.S. stock futures are sharply lower in premarket trading with mounting uncertainty over semiconductor stocks weighing on sentiment that is dragging global tech stocks lower.

The selloff, led by chip stocks and the broader tech sector, has the Nasdaq-100 (NDX) down over 3% this week. Overseas, shares in Japan fell 4% overnight and China’s CSI 300 dropped more than 3%.

On the geopolitical front, the U.S. Central Command said overnight that it had completed its sixth consecutive evening of strikes against Iran, hitting dozens of military targets, including logistics infrastructure and maritime capabilities. This has oil up about 2% near $80 a barrel.

Netflix (NFLX) shares are down 10% after its earnings report, which included a forecast that disappointed. It said it will give fewer engagement updates. Investor focus today will continue to be on geopolitical risks, earnings, and economic data.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up more than 2% to $80.11 per barrel
• Gold (/GC) – Gold futures are up 0.02% per ounce to 3992.80
• Bitcoin (/BTC) – The cryptocurrency futures are down -1.62% to 63,345
• VIX (/VIX) – The CBOE Volatility Index is up nearly 9% to 18.23
• U.S. Dollar ($DXY) – The dollar index is up 0.03% to 100.796

Biggest Premarket Movers (as of 8 AM ET)

Advancers

• Exxon Mobil (XOM) 1.64%
• ConocoPhillips (COP) 1.40%
• Valero Energy (VLO) 1.31%
• Walmart (WMT) 1.19%
• APA Corp (APA) 1.17%

Decliners

• Netflix (NFLX) -11.15%
• Intuitive Surgical (ISRG) -10.00%
• Cadence Design Systems (CDNS) -4.48%
• Applied Materials (AMAT) -4.18%
• Vertiv Holdings (VRT) -4.12%

Economic Data (ET)

• 8:30 AM: Housing Starts & Permits
• 8:30 AM: Import & Export Prices
• 9:15 AM: Industrial Production
• 10:00 AM: Consumer Sentiment

Notable Earnings

• Premarket: FITB, RF, TRV, TFC
• Postmarket: n/a
• Premarket Monday: DPZ, DX
• Postmarket Monday: AMC, CCK, STLD, WRB, WTFC, ZION

Upgrades/Downgrades

• HSBC upgrades Apple (AAPL) to Buy from Hold
• B. Riley upgrades AST SpaceMobile (ASTS) to Buy from Neutral
• Barclays upgrades PayPal (PYPL) to Equal Weight from Underweight
• KGI Securities downgrades Netflix (NFLX) to Neutral from Outperform
• Jefferies downgrades Oneok (OKE) to Hold from Buy
• Seaport Research downgrades Sonic Automotive (SAH) to Neutral from Buy

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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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.