Markets are poised for a lower open, with S&P 500 futures down about -0.53% continuing a two-day slide after Monday’s all-time highs. Barclay’s said Nvidia (NVDA) could still rally 30% as artificial intelligence dealmaking continues to ramp up, and raised their price target to $240 from $200. Meanwhile, Starbucks (SBUX) said it will close stores and eliminate about 900 jobs as part of a $1B restructuring plan. Earnings are light with the only notable company for the rest of the week being Costco (COST), but it’s a heavy economic data day; the list includes Jobless Claims, Durable Goods, Existing Home Sales, and a full slate of Fed speakers throughout the day.

• Oil (/CL) – Oil Futures are down 0.75% around $64.50 a barrel as markets determine the extent of how impactful supply disruptions in Russia impact global inventories.

• Gold (/GC) – Gold is flat near 3,768, still near its recent all-time high of around 3,824 after yesterday’s decline.

• Bitcoin (/BTC) – The cryptocurrency futures are down about -2.15% around 111,680, giving back all of yesterday’s +1.3% gain but remaining above yesterday’s lows.

• VIX – VIX retreated to close at 16.18 from yesterday’s close of 16.64 but has moved higher in pre-market trading to 17.36.

• U.S. Dollar (/DX) – The greenback is up 0.32% near 98.18 after yesterday’s +0.7% upside push.

• BNP Paribas Exane upgraded Arista Networks (ANET) to Outperform from Neutral

• Scotiabank upgraded CrowdStrike (CRWD) to Outperform from Sector Perform

• Citi upgraded CME Group (CME) to Buy from Neutral

• Berenberg downgraded TotalEnergies (TTE) to Hold from Buy

• Scotiabank downgraded Freeport-McMoRan (FCX) to Sector Perform from Outperform

• Needham downgraded Lululemon (LULU) to Hold from Buy

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