U.S. stock futures are relatively flat ahead of the Wall Street open as a pause may be warranted after a three week rebound. Tuesday saw an extension of Monday’s massive rally although the Dow Industrial index was lower on the back of a fall in UNH shares. The S&P 500 and Nasdaq-100 are now positive on the year after rebounding from April’s losses. Tech led the gains yesterday on the back of positive investment news from the summit in Saudi Arabia. With little economic data due today, investor focus will continue to be on tariff headlines along with earnings, including Cisco’s (CSCO) report after the closing bell and Walmart (WMT) tomorrow morning.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Crude oil futures are down 1% near $63 a barrel after climbing about 3% on Tuesday, lifted by a temporary cut in U.S.-China tariffs and a better than expected inflation report. API reports that crude inventories rose 4.29M barrels last week. Gasoline inventories fell 1.37M barrels.
• Gold (/GC) – Gold prices are down 0.3% near $3235 as easing U.S.-China trade tensions soothed fears of a potential global recession, boosting investor risk appetite and weighing on bullion’s safe-haven appeal.
• Bitcoin (/BTC) – The Crypto Future is down less than 1% near $104K in the premarket. Bitcoin futures have rebounded 9% this month as of Tuesday’s close and is near 3.5-month highs.
• VIX – The CBOE Volatility Index was down nearly 1% on Tuesday and settled at 18.22 as stocks had a massive rally. It was the lowest closing price for the VIX since March 25th. It is nearly flat this morning.
• U.S. Dollar (/DX) – The dollar is down around 0.4% to 100.4.

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

1. Super Micro Computer (SMCI): +15.35%
2. Advanced Micro Devices (AMD): +3.20%
3. Nvidia (NVDA): +3.04%

1. Akamai Technologies (AKAM): -1.76%
2. Target (TGT): -1.13%
3. CBOE Global Markets (CBOE): -0.85%

Economic Data

• 5:15AM ET: Fed’s Waller Speaks
• 7:00AM ET: MBA Mortgage Applications
• 9:10AM ET: Fed’s Jefferson Speaks
• 10:30AM ET: Oil Inventories
• 11:00AM ET: Prelim Treasury Buyback Announcement
• 11:30AM ET: 4-Month Bill Auction
• 5:40PM ET: Fed’s Daly Speaks

Notable Earnings

• Premarket: BITF, DT, SONY, TCEHY, TSEM
• Postmarket: BOOT, CSCO, CRWV, DXC, JACK
• Premarket Tomorrow: BABA, BIRK, CSIQ, DE, BEKE, NTES, WMT, WKHS, ZK
• Postmarket Tomorrow: AMAT, CAVA, DOCS, QUBT, TTWO, SPCE

Upgrades/Downgrades

• Jefferies upgrades PVH Corp. (PVH) to Buy from Hold
• Citi upgrades Regeneron (REGN) to Buy from Neutral
• Morgan Stanley upgrades KKR (KKR) to Overweight from Equal Weight
• Raymond James double downgrades UnitedHealth (UNH) to Market Perform from Strong Buy
• Citi downgrades Merck (MRK) & AbbVie (ABBV) to Neutral from Buy
• Jefferies downgrades Rivian (RIVN) to Hold from Buy

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.