Futures Slightly Lower After Thursday Records

U.S. stock futures are slightly lower in premarket trading after the three major indices closed at record highs on Thursday.

The moves come after the consumer price index showed a month-to-month increase of 0.4% for August, hotter than the 0.3% that markets were expecting.

However, the index’s 2.9% rise on a 12-month basis was in line with expectations. Jobless claims increased 27K to 263K yesterday, its highest level since October of 2021.

With little data due this morning, investor focus turns to the FOMC meeting next week with the markets pricing in a 25 basis point cut.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up over 1.5% near $63.30 a barrel after a slide in the last session over concerns about possible softening of U.S. demand and broad oversupply that offset worry about supply disruption from conflict in the Middle East and war in Ukraine.
• Gold (/GC) – Gold prices are up 0.3% near $3690 and were headed for a fourth consecutive weekly gain, as fears of a weakening U.S. labor market eclipsed inflation concerns ahead of an expected Federal Reserve rate cut next week.
• Bitcoin (/BTC) – The Crypto Future is up 0.4% near 115,300 in premarket trading.
• VIX – The CBOE Volatility Index was down 4% on Thursday and settled at 14.71 as stocks rallied to all time highs.
• U.S. Dollar (/DX) – The dollar is slightly higher and hanging around the 97.3 level.

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

1. Super Micro Computer (SMCI): +5.48%
2. Warner Bros. Discovery (WBD): +5.13%
3. Micron (MU): +3.44%

1. Oracle (ORCL): -1.11%
2. Molson Coors (TAP): -1.10%
3. Cisco Systems (CSCO): -1.02%

Economic Data

• 10:00AM ET: Consumer Sentiment
• 1:00PM ET: Baker-Hughes Rig Count

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Monday: HAIN
• Postmarket Monday: PLAY

Upgrades/Downgrades

• Barclays upgrades General Motors (GM) to Overweight from Equal Weight
• Arete upgrades ASML (ASML) to Buy from Neutral
• Barclays upgrades Aptiv (APTV) to Overweight from Equal Weight
• Mizuho downgrades Applied Materials (AMAT) to Neutral from Outperform
• Telsey Advisory downgrades RH (RH) to Market Perform from Outperform
• Barclays downgrades Constellation Brands (STZ) to Equal Weight from Overweight

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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.