U.S. Stock Futures Mixed Ahead of CPI

U.S. stock futures are mixed premarket as traders await the October consumer inflation report.
This follows a broad-based rally on Monday led by gains in tech stocks. Monday’s rally came after a volatile week for markets, in which traders grew concerned about a potential slowdown in data center buildouts after Democrats posted big victories in the midterm elections.
Nvidia (NVDA) shares fell over 4% Monday on news its board of directors is opening an investigation into co-founder and CEO Jensen Huang’s relationship with a businesswoman who U.S. intelligence agencies allege is a Chinese spy.
The October CPI data is due this morning with the consensus seeing an increase of 0.3% month over month on headline with 0.2% ex-food & energy for October. There will be no year-over-year data due to the government shutdown last October. Aside from the CPI report, investor focus will be on Fedspeak today. Fed Governor Christopher Waller said in a speech Tuesday that he thinks a December rate hike is likely and opened the door for a larger half-point increase next month.
Snapshot
- Oil (/CL) – Oil futures are down 2.2% to $84.93 per barrel
- Gold (/GC) – Gold futures are down 0.68% to $4,085.80 per ounce
- Bitcoin (/BTC) – The cryptocurrency futures are down 0.81% to 74,330
- VIX (/VIX) – The CBOE Volatility Index is up 0.55% to 20.03
- U.S. Dollar ($DXY) – The dollar index is up 0.10% to 101.757
Big Premarket Movers
Advancers
- Take-Two Interactive Software (TTWO) +4.28%
- Dollar Tree (DLTR) +2.01%
- Charles River Laboratories International (CRL) +1.69%
- CBRE Group (CBRE) +1.69%
- FedEx (FDX) +1.64%
Decliners
- GE Vernova (GEV) -6.31%
- Caterpillar (CAT) -4.15%
- Coherent (COHR) -3.70%
- Vertiv Holdings (VRT) -3.63%
- Generac Holdings (GNRC) -3.58%
Economic Data (ET)
- 6:00 AM: NFIB Small Business Optimism Index
- 8:30 AM: CPI
- 10:50 AM: Fed’s Logan Speaks
- 1:00 PM: 10-Year Note Auction
- 1:30 PM: Fed’s Schmid Speaks
- 3:30 PM: Fed’s Bowman Speaks
- 6:30 PM: Fed’s Paulson/Bowman Speak
Notable Earnings
- Premarket: HMC, ONON, QBTS, SBH, SE, TDG, VG, WIX
- Postmarket: ALC, BV, CRWV, FLY, GO, RGTI, SONO, STUB
- Premarket Wednesday: N/A
- Postmarket Wednesday: CAE, CTVA, VTLR
Upgrades/Downgrades
Upgrades:
- DZ Bank upgrades Cloudflare (NET) from Sell to Buy
- Jefferies upgrades Riot Platforms (RIOT) from Hold to Buy
- Deutsche Bank upgrades Sarepta Therapeutics (SRPT) from Sell to Hold
Downgrades:
- Freedom Broker downgrades Qualcomm (QCOM) from Buy to Hold
- Wells Fargo downgrades DraftKings (DKNG) from Overweight to Equal Weight
- Berenberg downgrades DraftKings (DKNG) from Buy to Hold
- UBS downgrades Carlyle (CG) from Buy to Neutral
- BofA downgrades Wix.com (WIX) from Buy to Underperform
- DA Davidson downgrades Trex Company (TREX) from Buy to Neutral
Featured Clips
Kalshi Co-Founder & COO on Future of Prediction Markets
Market Matters with Marley Kayden
► Play videoMonday's Final Takeaways: LLY Foundayo Update & Lame Duck Congress Session Starts
Market On Close
► Play video
