U.S. stock futures are down in premarket trading after rallying on the Federal Reserve’s latest interest rate cut on Wednesday. Oracle (ORCL) shares are down 12% after missing revenue estimates on its earnings results which reignited fears about high-flying tech stocks.

Stocks rose in Wednesday’s session and got a lift after a divided Fed announced an interest rate cut for the third time this year and ruled out a rate hike. Fed Chair Jerome Powell said the central bank is ”’well positioned to wait and see how the economy evolves” and noted President Donald Trump’s tariffs have been a driver of inflation.

The small-cap Russell 2000 (RUT) settled at a record high after the cut. Investor focus will continue to be on earnings with results due from Broadcom (AVGO), Costco (COST), and Lululemon (LULU) due after the close today.

• Oil (/CL) – Oil prices are down over 1% near $57.80 a barrel as investors shifted focus back to Russia-Ukraine peace talks and monitored potential fallout from a U.S. seizure of a sanctioned oil tanker off the coast of Venezuela.

• Gold (/GC) – Gold Futures are up 0.5% near $4245, as traders weighed the U.S. Federal Reserve’s divided vote on a quarter-percentage-point interest rate cut, while silver climbed to yet another record high.

• Bitcoin (/BTC) – The Crypto Future is down around 2.5% near 90,500 in premarket trading.

• VIX – The CBOE Volatility Index fell 6.8% on Wednesday and settled at 15.77 as stocks were higher after the Fed rate cut.

• U.S. Dollar (/DX) – The dollar is down 0.3% to 98.1.

• Piper Sandler upgrades Unity (U) to Overweight from Neutral

• BofA upgrades Synopsys (SNPS) to Buy from Neutral

• Jefferies upgrades Roku (ROKU) to Buy from Hold

• Seaport Research downgrades GE Vernova (GEV) to Neutral from Buy

• Citi downgrades Intuitive Surgical (ISRG) to Neutral from Buy

• Deutsche Bank downgrades Norfolk Southern (NSC) to Hold from Buy

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