BLS Benchmark Revisions in Focus

U.S. stock futures are slightly higher ahead of the Wall Street open with the three major indices just below record highs. The S&P 500 (SPX), Dow Industrials ($DJI) and Nasdaq-100 (NDX) are all within 1% of their all-time highs after the Nasdaq-Composite ($COMP) settled at a record high on Monday. Apple (AAPL) shares are relatively flat ahead of their product launch this afternoon which reports state a new thinner iPhone will be released. With little economic data due today, investor focus will turn to inflation data with the PPI due tomorrow and CPI on Thursday. 

Morning Movers

Snapshot (as of 7 AM ET)

  • Oil (/CL) – Oil is 0.7% higher near $62.70 a barrel, supported by the latest oil output hike from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions on Russia.

  • Gold (/GC) Gold is up 0.4% near $3690 and hit another record high, as growing bets of a U.S. rate cut weakened the dollar and pushed bond yields lower, boosting demand for the precious metal.

  • Bitcoin (/BTC)The Crypto Future is up 0.7% near 113,200 in premarket trading.

  • VIX The Crypto Future is up 0.7% near 113,200 in premarket trading.

  • U.S. Dollar (/DX) – The greenback is flat on the session.

Biggest Premarket Movers

Symbol

Product

Mark % Change (as of 7 AM ET)

UNH

UnitedHealth Group

+4.36%

CVS

CVS Health

+1.57%

AVGO

Broadcom

+0.69%

SPG

Simon Property Group

-1.18%

DOW

Dow Inc

-0.42%

AAPL

Apple Inc

-0.42%

Economic Data

Time

Event

6:00AM ET

NFIB Small Business Optimism Index

10:00AM ET

Preliminary annual Jobs data revisions 

1:00PM ET

3-Year Note Auction

Notable Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket Tomorrow

CNM, DBI, MOMO, KFY, SAIL

AMRK, AVAV, GME, LE, LMNR, ORCL, RBRK, SKIL, SNPS

CHWY

OXM

Upgrades/Downgrades

  • Citi upgrades Hyatt (H) to Buy from Neutral

  • Citi upgrades Dick’s Sporting Goods (DKS) to Buy from Neutral

  • Arete upgrades Roblox (RBLX) to Neural from Sell

  • KeyBanc downgrades Lululemon (LULU) to Sector Weight from Overweight

  • Seaport Research downgrades TKO Group (TKO) to Neutral from Buy

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