U.S. stock futures are moving higher ahead of the Wall Street open as falling oil prices lend support.

The moves come after modest gains for equities on Thursday amid a reversal in yields from over two-decade highs. Oil futures are down over 3% with WTI near $89 a barrel this morning on reports that the U.K. and Europe were considering a release of strategic fuel reserves.

Yields are slightly lower this morning after a volatile session on Thursday. The benchmark 10-year Treasury yield hit its highest level since 2002 at 5.34% yesterday before falling to 5.23% by the close.

Investor focus will be on jobs data this morning with September non-farm payrolls due at 8:30 am ET. Consensus estimates call for job growth of 89,000 and for the unemployment rate to hold steady at 4.1%.

Snapshot

• Oil (/CL) – Oil prices are down over 3.7% near $89.40 a barrel
• Gold (/GC) – Gold futures are up 0.13% near $4,207 per ounce
• Bitcoin (/BTC) – The Crypto Future is up more than 2% near 86,960
• VIX – The CBOE Volatility Index is down 2% near 16.06
• U.S. Dollar ($DXY) – The dollar index is down 0.08 to 102.20

Big Premarket Movers

Advancers:

• ON Semiconductor (ON) 7.87%
• Coinbase Global (COIN) 2.41%
• Marvell Technology (MRVL) 2.21%
• Monolithic Power Systems (MPWR) 1.91%
• Intel (INTC) 1.90%

Decliners:

• Seagate Technology (STX) -12.75%
• Western Digital (WDC) -8.99%
• Nike (NKE) -8.68%
• Fair Isaac (FICO) -8.43%
• Applovin (APP) -5.07%

Economic Data (ET)

• 8:30 AM: September Jobs Report
• 10:00 AM: Factory Orders
• 10:00 AM: Fed’s Logan Speaks 

Notable Earnings

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

Upgrades/Downgrades

Upgrades:

• Daiwa upgrades Hewlett Packard Enterprise (HPE) from Neutral to Outperform
• KeyBanc upgrades Airbnb (ABNB) from Sector Weight to Overweight
• Rothschild & Co Redburn upgrades Abbott Laboratories (ABT) from Neutral to Buy
• Freedom Capital upgrades Cerebras Systems (CBRS) from Hold to Buy

Downgrades:

• B. Riley downgrades AST SpaceMobile (ASTS) from Buy to Neutral
• RBC Capital downgrades Northrop Grumman (NOC) from Outperform to Sector

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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