U.S. stock futures are slightly higher in premarket trading and are extending yesterday’s gains. Stocks rallied yesterday after a lighter-than-expected inflation reading from November’s consumer price index report and gains in the market’s tech leaders.

The CPI data was up 2.7% year-over-year in consumer prices, lower than the 3.1% expected and the Core came in at 2.6%, its lowest level since March of 2021. The data gave investors hope that the Federal Reserve will continue to lower interest rates in 2026.

Shares of big-name tech stocks and chipmakers also rose throughout the day after Micron (MU) gave robust guidance for revenues in the current quarter.

Investors will continue to focus on earnings today after Nike (NKE) shares fell 10% as the sports apparel giant saw revenue in its Greater China market decline for a sixth consecutive quarter during its 2Q.

Oracle shares are up approximately 5% today after a report that stated TikTok has an agreement to sell its U.S. business to a joint venture controlled in part by Oracle (ORCL), Silver Lake, and Abu Dhabi-based MGX.

• Oil (/CL) – Oil prices are up 0.7% near $56.30 a barrel as investors assessed the likelihood of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

• Gold (/GC) – Gold prices are down slightly near $4355 as markets digested softer-than-expected U.S. inflation data, reducing the yellow metal’s appeal as an inflation hedge, while support from a higher November unemployment rate limited further losses. Gold touched a new all-time high yesterday and is up 65% this year.

• Bitcoin (/BTC) – The Crypto Future is up 4% near 88,200 in premarket trading.

• VIX – The CBOE Volatility Index was down 4% on Thursday and settled at 16.87 as stocks were higher.

• U.S. Dollar (/DX) – The dollar is up 0.3% to 98.4.

• Barclays upgrades Cummins (CMI) to Overweight from Equal Weight

• JPMorgan upgrades Paccar (PCAR) to Overweight from Neutral

• Citizens upgrades Stryker (SYK) to Outperform from Market Perform

• JPMorgan downgrades Lockheed Martin (LMT) to Neutral from Overweight

• Wedbush downgrades Lyft (LYFT) to Underperform from Neutral

• Wells Fargo downgrades Air Products (APD) to Equal Weight from Overweight

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