U.S. stock futures are slightly higher in premarket trading after falling on Tuesday from record highs. The S&P 500 (SPX) and Dow Index ($DJI) hit intraday highs yesterday before falling in the afternoon after comments from Fed Chair Powell.

Powell furthered valuation concerns Tuesday, noting “equity prices are fairly highly valued.” Powell also signaled that the rate-cutting path wasn’t clear and that it was a “challenging situation.”

A slide in Nvidia (NVDA) also weighed on markets despite the $100B investment in OpenAI.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil Futures are up 1% around $64 a barrel as an industry report showed U.S. crude inventories declined last week, adding to a sense in the market of tightening supplies.
• Gold (/GC) – Gold prices are down 0.4% near $3800, just below its record high scaled in the last session. The pull back comes despite growing expectations of further interest rate cuts in the U.S. and heightened geopolitical uncertainty have boosted demand for the safe-haven metal recently.
• Bitcoin (/BTC) – The Crypto Future is up 1.2% near 113,000 in premarket trading.
• VIX – The CBOE Volatility Index was up 3.3% on Tuesday and settled at 16.64 as stocks fell throughout the session.
• U.S. Dollar (/DX) – The dollar is up 0.5% to 97.4.

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

1. Albemarle (ALB): +4.23%
2. General Motors (GM): +2.17%
3. Quanta Services (PWR): +2.05%

1. Adobe (ADBE): -0.99%
2. Micron (MU): -0.64%
3. BXP Inc. REIT (BXP): -0.62%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 10:00AM ET: New Home Sales
• 10:30AM ET: Oil Inventories
• 1:00PM ET: 5-Year Note Auction
• 4:10PM ET: Fed’s Daly Speaks

Notable Earnings

• Premarket: CTAS, THO, UEC
• Postmarket: FUL, KBH, SCS, SFIX, WS
• Premarket Tomorrow: ACN, BB, KMX, JBL, SNX
• Postmarket Tomorrow: CNXC, COST

Upgrades/Downgrades

• Wells Fargo upgrades Amazon (AMZN) to Overweight from Equal Weight
• KGI Securities upgrades Micron (MU) to Outperform from Neutral
• Morgan Stanley upgrades ServiceNow (NOW) to Overweight from Equal Weight
• Morgan Stanley downgrades Adobe (ADBE) to Equal Weight from Overweight
• DZ Bank downgrades CrowdStrike (CRWD) to Sell from Hold
• Barclays downgrades Keurig Dr. Pepper (KDP) to Equal Weight from Overweight

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.