U.S. stock futures are sharply lower in premarket trading as global stocks sold off in the wake of a major tech decline on Wall Street.

Tech is leading to the downside this morning led by losses in Memory chips stocks including SanDisk (SNDK), Micron Technology (MU), Western Digital (WDC) and Seagate Technology (STX). The moves come after a mixed session on Monday with the S&P 500 and Nasdaq-100 (NDX) falling and the Dow Jones Industrial Average ($DJI) and small-caps higher. Asian markets are falling with South Korea’s Kospi falling over 10% led by losses in 2026 winners Samsung and SK Hynix.

Oil prices are relatively flat near $74 a barrel after the U.S. Treasury issued a 60-day license that authorizes the production, delivery and sale of oil from Iran. Investor focus will continue to be on negotiations with Iran and oil prices along with the weakness in global tech stocks in today’s session.

Snapshot (as of 7:45 AM ET)

• Oil (/CL) – Oil futures are flat near $73.80 per barrel
• Gold (/GC) – Gold prices are down 1.5% near $4138
• Bitcoin (/BTC) – The cryptocurrency future is down more than 3% near 62,340
• VIX – The CBOE Volatility Index is up about 14%
• U.S. Dollar ($DXY) – The dollar is up 0.28% to 101.306

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

Advancers

• IBM Corp (IBM) 4.60%
• Philip Morris International Inc (PM) 1.93%
• Altria Group Inc (MO) 1.84%
• Accenture PLC (ACN) 1.83%
• The Coca-Cola Company (KO) 1.47%

Decliners

• Sandisk Corp (SNDK) -7.91%
• Coherent Corp (COHR) -6.62%
• Micron Technology Inc (MU) -6.43%
• Applied materials Inc (AMAT) -6.37%
• Western Digital Corp (WDC) -6.27%

Economic Data (ET)

• 9:45 AM: PMI Composite
• 10:00 AM: Richmond Fed Manufacturing Index 
• 1:00 PM: 2-Year Note Auction

Notable Earnings

• Premarket: CCL, KFY
• Postmarket: CBRS, FDX, ICLR, KBH, WOR
• Premarket Wednesday: DAKT, NG, PAYX
• Postmarket Wednesday: FUL, JEF, MU, MLKN, TCOM, WS

Upgrades/Downgrades

• JPMorgan upgrades IBM (IBM) to Overweight from Neutral
• Wolfe Research upgrades Target (TGT) to Outperform from Peer Perform
• Morgan Stanley upgrades CDW (CDW) from Equal Weight to Overweight
• Evercore ISI downgrades Nike (NKE) from Outperform to In Line
• Wolfe Research downgrades Home Depot (HD) from Outperform to Peer Perform
• Wells Fargo downgrades Ross Stores (ROST) from Overweight to Equal Weight

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.