U.S. stock futures were relatively flat in premarket trading with investors awaiting a monetary policy decision from the Federal Reserve at 2 p.m. ET followed by the first news conference from new Chairman Kevin Warsh.

Stocks are coming off a mixed session, with the Dow Index hitting a record high while the S&P 500 and Nasdaq-100 fell. Tuesday’s losses were concentrated in tech as traders rotated out of chip stocks. Energy names slumped along the price of oil as investors assess the U.S.-Iran peace deal and the resumption of commerce through the Strait of Hormuz. Oil prices were moving higher early Wednesday.

In addition to a Fed-decision focus, investors will be watching geopolitical headlines and economic data. May Retail Sales and pending home sales are due Wednesday morning.  

Snapshot (as of 8 AM ET)

• Oil (/CL) – U.S. oil prices futures are up about 1% to roughly $76
• Gold (/GC) – Gold is down 0.23% to 4344.30
• Bitcoin (/BTC) – The cryptocurrency futures are down 1.31% to 64,480
• VIX – The CBOE Volatility Index was up 0.37% to 16.47
• U.S. Dollar ($DXY) – The U.S. dollar index is up 0.145 to 99.687

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• Applied Materials (AMAT) 2.42%
• Intel Corp (INTC) 2.39%
• Micron Technology Inc (MU) 2.28%
• Advanced Micro Devices Inc (AMD) 2.01%
• KLA Corp (KLAC) 1.97%

Decliners:

• Oracle Corp (ORCL) -1.02%
• Leidos Holdings Inc (LDOS) -1.00%
• ResMed Inc (RMD) -1.00%
• IQVIA Holdings Inc (IQV) -1.00%
• First Solar Inc (FSLR) -0.89%

Economic Data (ET)

• 07:00AM MBA Mortgage Applications
• 08:30AM Retail Sales
• 10:00AM Business Inventories
• 10:00AM Pending Home Sales
• 10:00AM Atlanta Fed Business Inflation
• 10:30AM Oil Inventories
• 02:00PM FOMC Announcement
• 02:30PM Fed Chair Presser

Notable Earnings

• Premarket: KMX, JBL, PGR
• Postmarket: SB
• Premarket Thursday: ACN, KR
• Postmarket Thursday: None

Upgrades/Downgrades

• Morgan Stanley upgrades Charles River Laboratories (CRL) from Equal Weight to Overweight
• JPMorgan upgrades Macerich (MAC) from Underweight to Neutral
• Wells Fargo upgrades Carter’s (CRI) from Underweight to Equal Weight
• BofA downgrades Leidos (LDOS) from Buy to Neutral
• Berenberg downgrades Cognizant (CTSH) from Buy to Hold

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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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.