U.S. stock futures are slightly higher in premarket trading as oil prices are easing modestly this morning.

The moves come after another down day for markets as oil prices hit four-month highs above $106 a barrel yesterday and yields hit 19-year highs. Yields are slightly lower this morning while WTI oil futures are down 2% near $103 a barrel, supporting the modest rebound in stocks.

Investor focus remains on the FOMC meeting this afternoon with the interest rate announcement due at 2 PM ET. The market has priced in a 25-basis-point rate hike with the probability above 90%, according to the CME FedWatch tool. Traders will assess comments from Fed Chair Kevin Warsh and look for clues on if this is a start of a rate hiking cycle or just a one-and-done if we do get the hike.

Snapshot

• Oil (/CL) – Oil futures are down 2.37% to $103.44 per barrel
• Gold (/GC) – Gold futures are up 1.31% to 4,389.30 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are down 0.02% to 76,180
• VIX (/VIX) – The CBOE Volatility Index is down 2.21% to 16.82
• U.S. Dollar ($DXY) – The dollar index is up 0.06% to 99.674

Big Premarket Movers

Advancers:

• Coherent Corp. (COHR) 3.85%
• Ciena Corp. (CIEN) 3.46%
• Intel Corp. (INTC) 3.44%
• Lumentum Holdings Inc. (LITE) 3.19%
• Dell Technologies Inc. (DELL) 2.76%

Decliners:

• J.B. Hunt Transport Services Inc. (JBHT) -10.13%
• Diamondback Energy Inc. (FANG) -3.56%
• Huntington Bancshares Inc. (HBAN) -1.79%
• Expedia Group Inc. (EXPE) -1.73%
• CrowdStrike Holdings Inc. (CRWD) -1.27%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 8:30 AM: Retail Sales
• 8:30 AM: Import and Export Prices
• 10:00 AM: Business Inventories
• 10:00 AM: Housing Market Index
• 10:30 AM: Oil Inventories
• 2:00 PM: FOMC Announcement
• 2:30 PM: Fed Chair Warsh Press Conference
• 4:00 PM: Treasury International Capital

Notable Earnings

• Premarket: TCOM
• Postmarket: LEN
• Premarket Thursday: N/A
• Postmarket Thursday: N/A

Upgrades/Downgrades

• UBS upgrades Union Pacific (UNP) from Neutral to Buy
• Deutsche Bank upgrades Anheuser-Busch InBev (BUD) from Hold to Buy
• Wolfe Research upgrades Paychex (PAYX) from Underperform to Peer Perform
• Morgan Stanley downgrades Expedia Group (EXPE) from Equal Weight to Underweight
• Berenberg downgrades Stellantis (STLA) from Buy to Hold
• Truist downgrades Meritage Homes (MTH) from Buy to Hold
• Mizuho downgrades The Hartford Financial Services Group (HIG) from Outperform to Neutral

For this week's economic and earnings calendars, see Week Ahead: Fed Interest Rate Decision and Heavy Economic Data

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