Stocks are lower in early trading with S&P futures (/ES) down -0.08% and Nasdaq futures (/NQ) down -0.24%, with news breaking that Warner Bros. Discovery (WBD) board members once again unanimously recommended that shareholders should reject Paramount Skydance’s (PSKY) hostile all-cash takeover offer of $30/share.

President Trump said in a social media post that Venezuela will relinquish up to 50 million barrels of oil (~$2.8 billion) to the U.S. as energy markets continue to assess the situation after the President Nicolas Maduro’s capture in the oil-rich nation.

Traders have plenty of ecodata to parse through today with JOLTS, ADP Employment, ISM Services Index, and Factory Orders. Meanwhile, Constellation Brands (STZ) will report earnings after the closing bell.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.3%. President Trump said Venezuela will relinquish almost $3B worth of oil to the U.S.
• Gold (/GC) – The yellow metal is down about -0.9% near 4,460, stalling somewhat after closing yesterday at a 4% gain for 2026.
• Bitcoin (/BTC) – The cryptocurrency is down roughly -0.6% at about 92,220after yesterday’s -0.95% decline.
• VIX – The VIX closed at 14.75 yesterday, slightly down from the previous close of 14.90.
• U.S. Dollar (/DX) – The greenback is flat near 98.33 after a +0.29% move yesterday.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Regeneron (REGN): +1.99%
2. Albemarle (ALB): +1.81%
3. Lowe’s (LOW): +1.42%
4. Hershey (HSY): +1.07%
5. Trane Technologies (TT): +1.02%

1. Deckers Outdoor (DECK): -4.15%
2. First Solar (FSLR): -3.82%
3. Newmont (NEM): -2.10%
4. Freeport-McMoRan (FCX): -1.71%
5. Carnival (CCL): -1.70%

Economic Data

• 8:15 AM ET: ADP Employment Report
• 10:00 AM ET: U.S. ISM Services, JOLTS, Factory Orders
• 10:30 AM ET: U.S. Weekly Crude Oil Inventories
• 4:10 PM ET: Fed’s Bowman Speaks

Notable Earnings

• Premarket: ACI
• Postmarket: STZ
• Premarket Tomorrow: HELE
• Postmarket Tomorrow: TLRY

Upgrades/Downgrades

• Oppenheimer upgrades McDonald’s (MCD) to Outperform from Perform
• Barclays upgrades Lowe’s (LOW) to Overweight from Equal Weight
• Melius Research upgrades Trane Tech (TT) to Buy from Hold
• Wolfe Research downgrades JPMorgan Chase (JPM) to Peer Perform from Outperform
• BMO Capital downgrades Union Pacific (UNP) to Market Perform from Outperform
• Piper Sandler downgrades Arthur J. Gallagher (AJG) to Neutral from Overweight

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.