Pressure on Tech Stocks Continues
U.S. stock futures are slightly lower in premarket trading following a four-day losing streak for the S&P 500 (SPX) as tech names have been under pressure. Big Tech names and chipmakers led losses again in Wednesday’s session with the Tech-heavy Nasdaq-100 (NDX) down nearly 2% this week. Despite the weakness, stocks bounced off of Wednesday’s lows to finish only modestly lower.
Investor focus turns to data today with Jobless Claims and PMI composite numbers along with earnings from Walmart (WMT) this morning. Investors are also looking ahead to hear from Federal Reserve Chair Jerome Powell on Friday at the central bank’s annual economic symposium in Jackson Hole, Wyo., where he could offer insights into monetary policy and rate moves.
Snapshot (as of 7 AM ET)
- Oil (/CL) – Oil prices are up 0.9% near $63.20 a barrel as larger-than-expected declines crude oil and fuel inventories in the U.S., the world’s biggest oil user, supported expectations for steady demand.
- Gold (/GC) – Gold Futures are down 0.5% near $3370 as investors awaited cues on the Federal Reserve’s policy outlook ahead of the annual economic symposium at Jackson Hole in Wyoming.
- Bitcoin (/BTC) – The Crypto Future is down 1% near 113,600 in the premarket.
- VIX – The CBOE Volatility Index was up 3.9% on Wednesday and settled at 15.57 as stocks were lower.
- U.S. Dollar (/DX) – The dollar is flat around 98.3
Biggest Premarket Movers (Mark % Change as of 7 AM ET)
- Nordson Corp (NDSN): +4.68%
- Hewlett Packard Enterprise (HPE): +2.85%
- Boeing (BA): +1.96%
- First Solar (FSLR): -1.38%
- Walmart (WMT): -3.10%
- Arista Networks (ANET): -0.63%
Economic Data
- 7:30 AM ET: Fed’s Bostic Speaks
- 8:30 AM ET: Jobless Claims
- 8:30 AM ET: Philly Fed Mfg. Index
- 9:45 AM ET: PMI Composite – Flash
- 10:00 AM ET: Existing Home Sales
- 10:00 AM ET: Leading Economic Indicators
- 10:30 AM ET: Natural Gas Inventories
Notable Earnings
- Premarket: BILIL, CSIQ, HOV, VNET, WMT
- Postmarket: INTU, ROST, WDAY, ZM
- Premarket Tomorrow: BJ, BKE, GFI
- Postmarket Tomorrow: N/A
Upgrades/Downgrades
- H.C. Wainwright upgrades CoreWeave (CRWV) to Buy from Neutral
- Morgan Stanley upgrades HP Enterprises (HPE) to Overweight from Neutral
- Wedbush downgrades Instacart (CART) to Underperform from Neutral
- JPMorgan downgrades Alcon (ALC) to Neutral from Overweight
- Citi downgrades Coty (COTY) to Neutral from Buy
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