U.S. stock futures are higher in premarket trading as traders await the release of the minutes from the Federal Reserve’s most recent policy meeting.

Tech is leading to the upside led by gains in Nvidia (NVDA +2%) and Palantir (PLTR +3%) despite a 6% slide in Palo Alto (PANW) post earnings.

Traders are watching for the minutes from the Fed’s January meeting this afternoon after the FOMC kept rates steady at 3.5-3.75%. The next big catalyst this week will likely be the personal consumption expenditure price index reading that’s due on Friday.

The PCE, the Fed’s preferred inflation gauge, will give further insight into the state of the economy as interest rates have fallen this month. Investors will also focus on more earnings, led by results from Walmart (WMT) tomorrow morning. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 2.7% near $64 a barrel after falling in the previous session as investors assessed developments in Russia-Ukraine and U.S.–Iran talks.
• Gold (/GC) – Gold prices are up 0.8% near $4,945 from a one-week low the previous session as investors awaited the minutes of January’s U.S. Federal Reserve meeting due later this afternoon.
• Bitcoin (/BTC) – The Crypto Future is down 0.5% near 67,600 in premarket trading.
• VIX – The CBOE Volatility Index was down 4% on Tuesday and settled at 20.29 as stocks were mixed.
• U.S. Dollar (/DX) – The dollar is flat at 97.1.

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

1. Garmin (GRMN): +10.56%
2. Verisk Analytics (VRSK): +9.42%
3. Global Payments (GPN): +8.21%
4. Analog Devices (ADI): +7.26%
5. Cadence Design Systems (CDNS): +6.91%

1. Palo Alto Networks (PANW): -7.14%
2. SanDisk (SNDK): -3.50%
3. Arista Networks (ANET): -2.51%
4. Advanced Micro Devices (AMD): -1.91%
5. Datadog (DDOG): -1.27%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:30 AM ET: Durable Goods - Delayed, Housing Starts/Permits - Delayed
• 9:15 AM ET: Industrial Production
• 10:00 AM ET: Atlanta Fed Business Expectations
• 1:00 PM ET: 20-Year Bond Auction
• 2:00 PM ET: FOMC Minutes

Notable Earnings

• Premarket: ADI, BLCO, CRL, CNK, CLH, DAN, GRMN, GPN, IMO, PODD, JLL, MCO, SEDG, SAH, TX, TNL, WING
• Postmarket: AWK, CAR, BHC, BKNG, CVNA, CF, CAKE, DASH, EBAY, EQX, FIG, HLF, HST, INVH, JACK, KGC, TAP, NDSN, NTR, OXY, OMC, RS, WH
• Premarket Tomorrow: APPN, BAND, CNP, CHH, CWK, DE, EPAM, ETSY, KLAR, LMND, POOL, FUN, SO, FTI, TECK, VC, WMT, W, YETI
• Postmarket Tomorrow: AKAM, CARG, CC, ED, CPRT, DBX, FIVN, FND, HHH, LZ, LYV, NEM, OPEN, RNG, ST, SFM, TXRH, RIG, WK

Upgrades/Downgrades

• Mizuho upgrades Palantir (PLTR) to Outperform from Neutral
• Citi upgrades StubHub (STUB) to Neutral from Sell
• Citizens downgrades Workday (WDAY) to Market Perform from Outperform
• Truist downgrades Genuine Parts (GPC) to Hold from Buy
• Cantor Fitzgerald downgrades Gemini (GEMI) 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.

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.