U.S. stock futures are slightly lower in premarket trading after all three major indexes closed at fresh records on Tuesday.

The benchmark S&P 500 Index (SPX) is on a nine-session upside streak as investor optimism continues amid upside surprises for earnings. The moves come despite oil prices rising with WTI Crude near $96 a barrel. Uncertainty is rising over U.S.-Iran talks with the two countries launching fresh strikes overnight. U.S. Central Command said Tuesday that it intercepted multiple Iranian ballistic missiles and drones and launched defensive strikes.

On the corporate front, Palo Alto Networks (PANW) shares are down slightly in premarket trading despite an earning beat and guidance raise. Economic data will be in focus with ADP Jobs and Services numbers due this morning.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil prices are up 2% to $95.76 per barrel
• Gold (/GC) – Gold is down 0.73% to $4,487.60 per ounce
• Bitcoin (/BTC) – The cryptocurrency is down 0.39% to 67,130
• VIX – The CBOE Volatility Index is up 1.84% to 16.05
• U.S. Dollar (/DX) – The dollar is up 0.13% to 99.350

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Intel Corp (INTC) 6.55%
• Sherwin-Williams Co (SHW) 3.42%
• Advanced Micro Devices Inc (AMD) 2.96%
• Medtronic Plc (MDT) 2.71%
• Broadcom Inc (AVGO) 2.17%

Decliners:

• Blackstone Inc (BX) -5.14%
• Ares Management Corp (ARES) -4.90%
• Apollo Global Management Inc (APO) -3.70%
• Kkr & Co Inc (KKR) -3.65%
• Palo Alto Networks Inc (PANW) -3.09%

Economic Data (ET)

• 07:00 AM: MBA 30-Year Mortgage Rate (May 29)
• 08:15 AM: ADP Employment Change (May)
• 09:45 AM: PMI Composite
• 10:00 AM: ISM Services Index
• 10:00 AM: Factory Orders MoM (April)
• 10:30 AM: EIA Crude Oil Stocks Change (May 29)
• 10:30 AM: EIA Gasoline Stocks Change (May 29)
• 02:00 PM: Beige Book

Notable Earnings

• Premarket: CGNT, M, RENT, CXM, THO, MDT
• Postmarket: AVGO, CHPT, WOOF, IDT, NTSK, CRWD, FIVE, EC
• Premarket Thursday: BF/B, CAL, CIEN, TTC
• Postmarket Thursday: COO, DOCU, GWRE, LULU, PL, TTAN, ZUMZ

Upgrades/Downgrades

• Morgan Stanley upgrades Yum Brands (YUM) to Overweight from Equal Weight
• Jefferies upgrades Acadia Healthcare (ACHC) to Buy from Hold
• Bernstein downgrades Campbell's (CPB), Conagra Brands (CAG), General Mills (GIS), and Kraft Heinz (KHC) to Underperform from Market Perform and Simply Good Foods (SMPL) to Market Perform from Outperform
• Oppenheimer downgrades AT&T (T) to Perform from Outperform
• Raymond James downgrades Shake Shack (SHAK) to Outperform from Strong Buy

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