Equity futures are mixed in early trading, with S&P 500 (/ES) and Nasdaq 100 (/NQ) futures showing strength but the large-gap Dow futures (/YM) lagging.

Semiconductor stocks are on the rebound, with chipmaker colossus Nvidia (NVDA) leading the charge. CEO Jensen Huang joins President Trump’s trip to China, along with many other U.S. tech executives, to meet with President Xi Jinping.

The two leaders are expected to address trade, Taiwan tensions, energy and other commodities. The summit also coincides with earnings reports from several major Chinese companies. These include Alibaba (BABA) which is down -2.6% today after reporting an -84% year-over-year decline in EBITDA. Cisco Systems (CSCO) reports earnings in today’s post market.

The Producer Price Index is the main economic data point to watch today.

Snapshot (as of 7 AM ET)

Oil (/CL) – The U.S. oil benchmark is down -0.31% to $101.86

Gold (/GC) – Gold futures are up 0.51% to $4,710.50

Bitcoin (/BTC) – The cryptocurrency is down -0.24% to 80,800

VIX – The CBOE Volatility Index has declined 0.62% to 18.89

U.S. Dollar (/DX) – Dollar index is up 0.16%

Biggest Premarket Movers (as of 7 AM ET)

COHERENT CORP (COHR) 7.75%

CORNING INC (GLW) 5.26%

MICRON TECHNOLOGY INC (MU) 5.14%

LUMENTUM HLDGS INC (LITE) 4.60%

ECHOSTAR CORP Class A (SATS) 4.15%

AMERICAN ELEC PWR CO (AEP) -3.58%

CF INDS HLDGS INC (CF) -1.69%

GODADDY INC Class A (GDDY) -1.41%

APPLOVIN CORP Class A (APP) -0.96%

TARGET CORP (TGT) -0.94%

Economic Data

Time (ET)

7:00 AM MBA 30-Year Mortgage Rate MAY/08

8:30 AM PPI MoM APR

8:30 AM Core PPI MoM APR

8:30 AM Core PPI YoY APR

8:30 AM PPI APR

8:30 AM PPI Ex Food, Energy and Trade MoM APR

8:30 AM PPI Ex Food, Energy and Trade YoY APR

8:30 AM PPI YoY APR

10:30 AM EIA Crude Oil Stocks Change MAY/08

10:30 AM EIA Gasoline Stocks Change MAY/08

11:30 AM Fed Collins Speech 

1:15 PM Fed Kashkari Speech 

7:00 PM Fed Logan Speech 

Notable Earnings

Premarket: BABA, NBIS, TSEM, BIRK

Postmarket: CSCO

Premarket: Tomorrow LUNR, YETI

Postmarket: Tomorrow AMAT, RUM, VUZI

Upgrades/Downgrades

• Leerink upgrades Johnson & Johnson to Outperform from Market Perform
• Citi upgrades Venture Global to Buy from Neutral
• Argus upgrades Dow Inc to Buy from Hold
• Daiwa downgrades AMD to Outperform from Buy
• Citi downgrades MercadoLibre to Neutral from Buy
• Stifel downgrades Under Armour to Hold from Buy

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.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, or futures commission merchant.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

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.