U.S. stock futures are modestly higher in premarket trading after the S&P 500 settled at another record high.

The market moves come despite weaker-than-expected ADP private payrolls report ahead of today’s key August Jobs report. Economists forecast nonfarm payrolls to have expanded by 73,000 in August with the unemployment rate ticking up to 4.3% from 4.2%.

Tech is leading gains this morning after Broadcom (AVGO) beat earnings estimates, provided a positive outlook and revealed $10B in sales next year from a fourth major AI customer.

Snapshot (as of 7AM ET)

• Oil (/CL) – Oil prices are down about 0.6% near $63 a barrel near a two-week low on a surprise build in U.S. crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this weekend.
• Gold (/GC) – Gold prices are relatively flat near $3610, with spotlight now shifting to the U.S. payrolls report for fresh cues on Federal Reserve’s policy path.
• Bitcoin (/BTC) – The Crypto Future is up over 2% near $112,700 in premarket trading.
• VIX – The CBOE Volatility Index was down 6% on Thursday and settled at 15.30 as stocks were higher.
• U.S. Dollar (/DX) – The dollar is down 0.3% to 98.

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

1. Broadcom (AVGO): +10.83%
2. Albemarle (ALB): +3.57%
3. Tesla (TSLA): +1.91%

1. Lululemon (LULU): -19.16%
2. Fastenal (FAST): -2.55%
3. Copart (CPRT): -1.54%

Economic Data

• 8:30AM ET: August Jobs Report
• 1:00PM ET: Baker-Hughes Rig Count

Notable Earnings

• Premarket: ABM
• Postmarket: None
• Premarket Monday: PL
• Postmarket Monday: CASY

Upgrades/Downgrades

• UBS upgrades ASML (ASML) to Buy from Neutral
• Citi upgrades State Street (STT) to Buy from Neutral
• Baird upgrades Duluth Holdings (DLTH) to Outperform from Neutral
• Stifel downgrades Lululemon (LULU) to Hold from Buy, one of several downgrades for the stock this morning
• UBS downgrades J.B. Hunt (JBHT) to Neutral from Buy
• B. Riley downgrades Ciena (CIEN) to Neutral from Buy

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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.