U.S. stock futures are relatively flat ahead of the Wall Street open and yields are down from yesterday’s highs ahead of key economic data.

The moves come after weakness on Tuesday after the 30-Year yield hit above 5.6%, its highest level since 2002. Despite the rise in yields this month, expectations of a rate hike next month fell to 43% from over 70% on Monday, according to the CME FedWatch tool.

Investor focus today will be on the August Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge. Estimates see the metric rising 0.3% month over month, leading to an annual pace of 3.7%. The Core rate is expected to rise 0.3% for the month and 3.3% on a year over year basis.

Markets are mixed in September as the month wraps up with the S&P 500 (SPX) down 0.2% while the Nasdaq-100 (NDX) is up 3%. The Dow Jones Industrial Average ($DJI) is down 3.5% in September, while the small-cap Russell 2000 (RUT) is off 5%. 

Snapshot

• Oil (/CL) – Oil futures are up more than 1% to near $90.80 per barrel
• Gold (/GC) – Gold futures are up 0.88% to $$4,217.60 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.3% to near 84,195
• VIX (/VIX) – The CBOE Volatility Index is up 0.81% to 16.17
• U.S. Dollar ($DXY) – The dollar index is down 0.12% to 101.256

Big Premarket Movers

Advancers:

• Hewlett Packard Enterprise (HPE) +4.11%
• Robinhood Markets (HOOD) +2.59%
• Boeing (BA) +2.22%
• Norwegian Cruise Line Holdings (NCLH) +2.03%
• Super Micro Computer (SMCI) +1.49%

Decliners:

• Moderna (MRNA) -6.01%
• AppLovin (APP)
• Jabil (JBL) -2.46%
• Fair Isaac (FICO) -1.44%
• Applovin (APP) -1.39%

Economic Data (ET)

• 7:00 AM: MBA Mortgage Applications
• 8:15 AM: ADP Employment Report
• 8:30 AM: GDP Q2 Final
• 8:30 AM: Personal Income & Outlays
• 8:30 AM: International Trade in Goods
• 8:30 AM: Retail/Wholesale Inventories
• 9:45 AM: Chicago PMI
• 10:30 AM: Oil Inventories
• 1:30 PM: Fed’s Barkin Speaks
• 3:25 PM: Fed’s Cook Speaks
• 5:10 PM: Fed’s Goolsbee Speaks
• 6:00 PM: Fed’s Kashkari Speaks

Notable Earnings

• Premarket: ALM, CAG, FDS, JBL
• Postmarket: MU, PRGS
• Premarket Thursday: ACN, AYI, MKC
• Postmarket Thursday: NKE

Upgrades/Downgrades

Upgrades:

• HSBC upgrades Target (TGT) from Hold to Buy
• BofA upgrades Grocery Outlet (GO) from Neutral to Buy
• Oppenheimer upgrades Nice (NICE) from Perform to Outperform

Downgrades:

• Citi downgrades Moderna (MRNA) from Neutral to Sell
• Wells Fargo downgrades Ally Financial (ALLY) from Overweight to Equal Weight
• Barclays downgrades Mobileye (MBLY) from Overweight to Equal Weight
• Citi downgrades Dow (DOW) and LyondellBasell (LYB) from Buy to Neutral
• BofA downgrades FICO (FICO) from Buy to Neutral

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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