U.S. stock futures are relatively flat ahead of the Wall Street open as traders assessed earnings, the Fed rate cut and tariff talks with China.

Alphabet (GOOGL) shares are popping in premarket trading after beating expectations but Meta Platforms (META) and Microsoft (MSFT) are weaker post results.

The Fed cut rates by 25 basis points but Federal Reserve Chair Jerome Powell suggested the central bank may not cut interest rates again at its December meeting, which investors had been betting on.

China paused export controls on rare earths, while Washington cut fentanyl-linked tariffs, following a high-stakes meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping in South Korea.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.6% near $60 a barrel as investors awaited U.S.-China trade talks later in the day, hoping for signs that tensions clouding the economic growth outlook will ease.
• Gold (/GC) – Gold prices are down 0.4% near $3990, as the dollar has firmed and the quarter percentage point rate cut from the U.S. Federal Reserve consolidated demand.
• Bitcoin (/BTC) – The Crypto Future is down 0.5% near 110,200 in premarket trading.
• VIX – The CBOE Volatility Index rose 3% on Wednesday and settled at 16.92 as stocks fell off of all-time highs.
• U.S. Dollar (/DX) – The dollar is flat at 99.1.

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

1. Align Technology (ALGN): +12.20%
2. C.H. Robinson (CHRW): +12.07%
3. Cardinal Health (CAH): +9.44%

1. FMC (FMC): -29.75%
2. Chipotle Mexican Grill (CMG): -17.15%
3. Emcor (EME): -9.91%

Economic Data

• 9:55 AM ET: Fed’s Bowman Speaks
• 10:30 AM ET: Natural Gas Inventories
• 1:15 PM ET: Fed’s Logan Speaks

Notable Earnings

• Premarket: AAP, MO, BUD, APTV, BAX, BIIB, BWA, BMY, BLDR, CAH, CMCSA, COMM, CROX, DTE, LLY, EL, FOXA, HSY, IP, K, KMB, LHX, MA, MRK, QSR, RBLX, SHAK, SO, TEX, TW, TT, VMC, WEC, WLK, XPO
• Postmarket: AMZN, AAPL, TEAM, NET, COIN, EW, FSLR, FND, FBIN, GILD, GDDY, ILMN, MSTR, RDDT, RKT, ROKU, SYK, TWLO, WERN, WDC, WY, ZG
• Premarket Tomorrow: ABBV, AON, CNI, CG, CBOE, CHTR, CVX, CHD, D, XOM, IMO, LEA, LYB, NWL, TROW
• Postmarket Tomorrow: None

Upgrades/Downgrades

• H.C. Wainwright upgrades Coinbase (COIN) to Buy from Sell
• Rothschild & Co. Redburn upgrades Warner Bros. Discovery (WBD)
• Stephens upgrades C.H. Robinson to Overweight from Equal Weight
• Deutsche Bank downgrades Boeing (BA) to Hold from Buy
• Oppenheimer downgrades Meta Platforms (META) to Perform from Outperform
• Wolfe Research downgrades Fiserv (FISV) to Peer Perform from Outperform

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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.