U.S. stock futures are slightly lower in premarket trading pressured by declines in tech following a losing week for equities.

Last week, the benchmark S&P 500 (SPX) fell 1.4% while the tech-heavy Nasdaq-100 (NDX) was down 2.5% and both indices snapped three-week win streaks. Yields are sliding this morning, but last week rising yields pushed stocks lower with the benchmark 10-Year hitting highs last seen in January of 2025.

Oil prices are falling this morning but not supporting equities with the U.S. benchmark crude futures down more than 2% to roughly $85 per barrel. With little economic data today, investors will turn to Consumer Confidence on Tuesday along with PCE, GDP and Durable Goods on Wednesday.

Later this week, the Federal Reserve will hold its annual symposium in Jackson Hole, Wyoming, where Chairman Kevin Warsh will give a speech scheduled on Friday morning. On the corporate front, earnings from Nvidia (NVDA) will be closely watched on Wednesday afternoon.

Snapshot (as of 7:45 AM ET)

• Oil (/CL) – Oil futures are down 2.2% to $85.14 per barrel
• Gold (/GC) – Gold futures are up 0.67% to 4,710.80 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 1.66% to 78,460
• VIX (/VIX) – The CBOE Volatility Index is up 5.16% to 15.91
• U.S. Dollar ($DXY) – The dollar index is up 0.17% to 98.9862

Big Premarket Movers (as of 7:45 AM ET)

Advancers

• Steel Dynamics (STLD) 3.86%
• Nucor (NUE) 3.46%
• PulteGroup (PHM) 1.16%
• United Airlines Holdings (UAL) 1.09%
• Darden Restaurants (DRI) 1.08%

Decliners:

• Sandisk (SNDK) -4.71%
• Coherent (COHR) -4.70%
• Lumentum Holdings (LITE) -4.58%
• Seagate Technology Holdings (STX) -2.95%
• Western Digital (WDC) -2.83%

Economic Data (ET)

• 8:30 AM: Chicago Fed National Activity Index
• 11:30 AM: 3- and 6-Month Bill Auctions

Notable Earnings

• Premarket: PDD, XPEV
• Postmarket: N/A
• Premarket Tuesday: BMO, DKS, GFI, BZ, BNS, VIPS
• Postmarket Tuesday: BOX, HEI, INTU, JOYY, NCNO, QFIN, SMTC, ZM

Upgrades/Downgrades

• Baird upgrades Darden (DRI) from Neutral to Outperform
• Wolfe Research upgrades PulteGroup (PHM) from Peer Perform to Outperform
• UBS upgrades Celestica (CLS) from Neutral to Buy
• Baird downgrades Chipotle Mexican Grill (CMG) and Domino's Pizza (DPZ) from Outperform to Neutral
• UBS downgrades Klarna (KLAR) from Buy to Neutral
• Wells Fargo downgrades Canada Goose (GOOS) from Overweight to Underweight

For this week's economic and earnings calendars, see Week Ahead: Jackson Hole Puts Fed in Focus, Nvidia (NVDA) Earnings.

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