U.S. stock futures are modestly higher in premarket trading after a mixed session on Wednesday. The S&P 500 (SPX) and the Nasdaq-100 (NDX) posted solid gains yesterday thanks to gains in Alphabet (GOOGL), Apple (AAPL) and Tesla (TSLA).

Investor focus turn to economic data today with reports on ADP private payrolls and Services numbers due. This comes ahead of tomorrow’s key August jobs number, which may confirm the expectations of a rate cut later this month.

• Oil (/CL) – Oil prices are down 0.8% near $63.50 a barrel and have extended the -2.5% slide from Wednesday, amid concern that OPEC+ producers will boost output further.

  The group is set to meet over the weekend and will reportedly discuss new production hikes at the upcoming meeting, that would roll back the remaining 1.66 million bpd production cuts that are still in place.

  The group's strategy this year has focused on regaining market share, rather than trying to keep prices underpinned and another output hike would not be a total surprise. World markets are heading for a sizable oversupply, also thanks to rising non-OPEC production.

  However, actual gains in supply have fallen short of OPEC+ announcements, and China has mopped up part of the excess by boosting its strategic reserve.

• Gold (/GC) – Gold prices are down about 1% near $3600, pulling back from yesterday’s record high as investors locked in profits, while attention shifted to key U.S. jobs data for further insight into the Federal Reserve’s policy path.

• Bitcoin (/BTC) – The Crypto Future is down over 1% near 111,200 in premarket trading.

• VIX – The CBOE Volatility Index was down nearly 5% on Wednesday and settled at 16.35 as stocks were mostly higher.

• U.S. Dollar (/DX) – The dollar is 0.2% higher to 98.3.

• MoffettNathanson upgrades Apple (AAPL) to Neutral from Sell

• Evercore upgrades Brinker (EAT) to Outperform from In Line

• RBC Capital upgrades Leidos (LDOS) to Outperform from Sector Perform

• Gordon Haskett downgrades Dollar Tree (DLTR) to Reduce from Hold

• DA Davidson downgrades Duolingo (DUOL) to Neutral from Buy

• Deutsche Bank downgrades Parker-Hannifin (PH) to Hold from Buy

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