U.S. stock futures are flat in premarket trading after the major averages posted a winning week, as investors anticipate the kick-off to earnings season and inflation data. 

Wall Street is coming off a winning week for the major averages, as a tech rally helped investors shrug off higher oil prices and stubborn yields.

Oil prices are up about 1% this morning near $93 a barrel. The moves in crude come after President Donald Trump told reporters over the weekend that he was considering joining Saudi Arabia in its fight against Tehran-backed Houthis in Yemen after another deadly attack on Riyadh’s international airport. Trump also announced an “energy ceasefire” between Russia and Ukraine over the weekend but crude rebounded higher after Ukrainian President Volodymyr Zelenskyy said Moscow had already violated the ceasefire, according to reports.

Investor focus will turn to earnings this week with the big banks reporting including Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), and Wells Fargo (WFC) all due this week. Inflation data this week includes September consumer and producer price indexes due out Wednesday and Thursday, respectively.

Snapshot

• Oil (/CL) – Oil futures are up about 1.5% to $93.20 per barrel
• Gold (/GC) – Gold futures are down 0.51% to $4,195 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 1.13% to 83,405
• VIX (/VIX) – The CBOE Volatility Index is up 4% to 15.44
• U.S. Dollar ($DXY) – The dollar index is up 0.2% to 102.413

Big Premarket Movers

Advancers

• Bristol Myers Squibb (BMY) +4.16%
• Salesforce (CRM) +3.91%
• Biogen (BIIB) +2.79%
• First Solar (FSLR) +2.41%
• ServiceNow (NOW) +2.05%

Decliners

• Albemarle (ALB) -4.22%
• Adobe (ADBE) -2.38%
• Micron Technology (MU) -2.33%
• SanDisk (SNDK) -1.96%
• Coherent (COHR) -1.89%

Economic Data (ET)

• 12:50 PM: Fed’s Hammack Speaks 

Notable Earnings

• Premarket: N/A
• Postmarket: N/A
• Premarket Tuesday: ACI, C, DPZ, GS, JNJ, JPM, UNH, WFC
• Postmarket Tuesday: AZZ

Upgrades/Downgrades

Upgrades:

• BofA upgrades Salesforce (CRM) from Underperform to Buy
• Freedom Broker upgrades PepsiCo (PEP) from Hold to Buy
• Raymond James upgrades T-Mobile (TMUS) from Market Perform to Outperform
• Truist upgrades First Solar (FSLR) from Hold to Buy
• JPMorgan upgrades Biogen (BIIB) from Neutral to Overweight
• Raymond James upgrades Humana (HUM) from Market Perform to Outperform
• Seaport Research upgrades Mattel (MAT) from Neutral to Buy
• Deutsche Bank upgrades AST SpaceMobile (ASTS) from Hold to Buy
• Northland upgrades C3.ai (AI) from Market Perform to Outperform

Downgrades:

• Phillip Securities downgrades Microsoft (MSFT) from Accumulate to Neutral, Palantir (PLTR) from Buy to Neutral, Snowflake (SNOW) from Buy to Accumulate, and Palo Alto Networks (PANW) from Neutral to Reduce
• Wells Fargo downgrades Adobe (ADBE) from Equal Weight to Underweight
• Barclays downgrades HubSpot (HUBS) downgrades Monday.com (MNDY) from Overweight to Equal Weight
• RBC Capital downgrades GoDaddy (GDDY) from Outperform to Sector Perform
• Morgan Stanley downgrades Ally Financial (ALLY) from Overweight to Equal Weight
• Mizuho downgrades Freddie Mac (FMCC) and Fannie Mae (FNMA) from Outperform to Neutral

Also see Week Ahead: Banks Kick Off Earnings, Economic Data in Focus and Week in Review: Fed Minutes Flag Energy Inflation and AI Risk.

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