U.S. stock futures are slightly lower in premarket trading as investors monitor rising oil prices and the Federal Reserve’s latest interest rate decision at 2 p.m. ET.

Oil futures are up more than 6% near $84 a barrel after the United States and Saudi Arabia launched strikes on Iran-backed groups in Iraq on Wednesday, blaming them for drone attacks on Saudi oil facilities, according to reports. The U.S. military said late Tuesday that it averted a surprise Iranian attack on U.S. troops in the region. Iran said it fired on ships in the Strait of Hormuz and at U.S. bases in Jordan.

The trading session Tuesday was mixed. Chip stocks lagged again with the PHLX Semiconductor Index (SOX) falling more than 4%. Investor focus will continue to be on earnings today with Meta Platforms (META) and Microsoft (MSFT) reporting after the closing bell. From the Fed interest rate decision and subsequent press conference with Chairman Kevin Warsh, expectations are that the central bank holds rates steady at the current target range of 3.5% to 3.75%, with only a 38% probability that they hike 25 basis-points, according to CME’s FedWatch tool.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up more than 6% to $84.26 per barrel
• Gold (/GC) – Gold futures are down 0.21% to 4,089.9 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.94% to 64,470
• VIX (/VIX) – The CBOE Volatility Index is up 0.82% to 18.36
• U.S. Dollar ($DXY) – The dollar index is up 0.02% to 101.442

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Teradyne (TER) 11.24%
• Generac Holdings (GNRC) 9.92%
• GE HealthCare Technologies (GEHC) 8.75%
• Amphenol (APH) 5.67%
• Ford Motor (F) 5.01%

Decliners:

• CoStar Group (CSGP) -14.61%
• Vertiv Holdings (VRT) -13.18%
• Lennox International (LII) -10.31%
• Skyworks Solutions (SWKS) -9.55%
• KLA (KLAC) -7.74%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 10:30 AM: EIA Oil Inventories
• 2:00 PM: FOMC Announcement
• 2:30 PM: Federal Reserve Press Conference

Notable Earnings

• Premarket: AER, APH, AON, ADP, AVTR, BAND, BLCO, BIIB, BSX, BG, CHEF, CTSH, FTV, GRMN, GEHC, GNRC, GD, HUM, JCI, LII, LAD, MAS, PSN, PAG, PG, SMG, SOFI, SWK, TEVA, UBS, VRT, VFC, VMC, WSO, WEC, WING
• Postmarket: AEM, ALGN, AWK, AR, ARM, BHC, CHRW, CWH, CP, CVNA, CMG, EA, FLS, FTNT, FTAI, GFL, KGC, LHX, LRCX, MTH, META, MGM, MSFT, MC, ORLY, PPC, PSA, QCOM, HOOD, SFM, SBUX, TDOC, TYL, VTR
• Premarket Thursday: AOS, ADT, AGCO, APD, MO, ABEV, AEP, BUD, MT, AVY, BAX, OWL, BMY, BC, BLDR, GOOS, CHKP, CI, CNK, CROX, EPD, EXC, RACE, AG, GIL, GPI, HSY, H, ICE, IP, KBR, KKR, MLM, MA, NCLH, REGN, SNY, SHEL, SIRI, SAH, SO, STLA, FTI, TW, TT, VLO, WTW, XEL, XRX, XPO, YUM
• Postmarket Thursday: AMZN, AAPL, AJG, BJRI, COIN, CTVA, DXC, EMN, ES, FSLR, FND, GDDY, HUN, ILMN, LYV, MTZ, MHK, NXT, OLN, RDDT, RIVN, RBLX, SNDR, MSTR, SYK, TEM, WU, WY

Upgrades/Downgrades

• Arete upgrades Texas Instruments (TXN) to Buy from Neutral
• JPMorgan upgrades CarMax (KMX) to Neutral from Underweight
• Clear Street upgrades Bloom Energy (BE) to Buy from Hold
• Baird downgrades Caterpillar (CAT) to Neutral from Outperform
• Morgan Stanley downgrades Oneok (OKE) to Equal Weight from Overweight
• TD Cowen downgrades Caesars Entertainment (CZR) to Hold 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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