U.S. stock futures are lower in premarket trading as oil prices stabilized and inflation fears took hold on Wall Street. Wall Street is coming off a broad-based sell-off on Wednesday with the 30-stock Dow Index falling 1.64%, to a new closing low for the year.

The sell-off comes after a surprisingly hot producer prices report, and greater inflation expectations from the Federal Reserve. The Fed left rates unchanged on Wednesday at 3.5%-3.75% and signaled uncertainty due to the conflict in the Middle East.

On the corporate front, Micron (MU) shares are down 6% despite another blow-out quarterly earnings report. The memory chipmaker nearly tripled revenue from a year ago and gave a bright outlook for the current quarter and full year. Investor focus will be on headline risks and economic data along with the fallout from the Fed.

• Oil (/CL) – Oil Futures are up 1.4% above $96.50 a barrel as strikes on key energy infrastructure in the Middle East exacerbated fears of a global supply crunch. Qatar said Wednesday that Iranian missile strikes had damaged a key liquefied natural gas (LNG) export facility. The escalating strikes on Middle East energy infrastructure risk deepening the supply shock triggered by the Iran war.

• Gold (/GC) – Gold prices are down almost 5% near $4660, nearly 6-week lows, as fears about the Iran war and inflation gripped global markets. Rising yields, a firming U.S. Dollar and lack of movement of physical gold have also created headwinds for the precious metal. Silver Futures (/SI) are down around 9% to one-month lows.

• Bitcoin (/BTC) – The Crypto Future is down about 1.5% near 70,000 in premarket trading.

• VIX – The CBOE Volatility Index was up 12% on Wednesday and settled at 25.09 as stocks sold off.  

• U.S. Dollar (/DX) – The dollar is flat at 99.9.

• Morgan Stanley upgrades Carnival (CCL) to Overweight from Equal Weight

• BNP Paribas upgrades MasterCard (MA) to Outperform from Neutral

• William Blair upgrades Five Below (FIVE) to Outperform from Market Perform

• Summit Insights downgrades Micron (MU) to Hold from Buy

• Evercore ISI downgrades CSX (CSX) to In-Line from Outperform

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