U.S. stock futures are moving higher in premarket trading and reversing yesterday’s losses.

Lower oil prices and moderating yields are providing support for equities after weakness over the last two sessions. Oil prices are lower, near $90 a barrel, after President Donald Trump pledged not to renew military attacks on Iran before the midterm elections along with reports of China’s potential resumption ​of petroleum product exports. Trump also said Washington was having “productive discussions” with Iran.

Stocks fell on Thursday with tech leading to the downside. AI related stocks fell after OpenAI recently told investors its revenues were approaching $50B on an annualized basis at the end of September, far short of the $70B reported late last month.

With little economic data due this morning, investor focus will remain on oil prices and yields along with the kick-off of earnings season next week. 

Snapshot

• Oil (/CL) – Oil futures are down about 1% to $90.54 per barrel
• Gold (/GC) – Gold futures are up 1% to near $4,207 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 1.85% to near 83,445
• VIX (/VIX) – The CBOE Volatility Index is down 1.7% to 15.15
• U.S. Dollar ($DXY) – The dollar index is up 0.01% to 102.150

Big Premarket Movers

Advancers

• Humana (HUM): +14.18%
• Crown Castle (CCI): +7.58%
• SBA Communications (SBAC): +7.23%
• Lumentum Holdings (LITE): +6.43%
• American Tower (AMT): +6.16%

Decliners

• Verizon Communications (VZ): -7.77%
• AT&T (T): -7.44%
• T-Mobile US (TMUS): -7.27%
• CVS Health (CVS): -2.62%
• Apple (AAPL): -2.20%

Economic Data (ET)

• 10:00 AM: Consumer Sentiment
• 1:00 PM: Baker Hughes Rig Count

Notable Earnings

• Premarket: DAL
• Postmarket: N/A
• Premarket Monday: N/A
• Postmarket Monday: N/A

Upgrades/Downgrades

Upgrades:

• Morgan Stanley upgrades CBOE Global Markets (CBOE) from Underweight to Overweight
• Baird upgrades Humana (HUM) from Neutral to Outperform
• JPMorgan upgrades VF Corp. (VFC) from Underweight to Neutral
• Oppenheimer upgrades Fastly (FSLY) from Perform to Outperform
• Barclays upgrades Archer Aviation (ACHR) from Equal Weight to Overweight

Downgrades:

• JPMorgan downgrades DuPont (DD) from Overweight to Neutral
• Northland downgrades Astera Labs (ALAB) from Outperform to Market Perform.
• Barclays downgrades Joby Aviation (JOBY) from Equal Weight to Underweight

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