Morning Market Setup
| S&P 500 futures0.0% | Nasdaq 100 futures+0.1% |
| Dow futures+0.2% | WTI crude-2.8% |
| Brent crude-2.2% | Gold futures-0.4% |
| Copper futures+1.2% | Natural gas futures+0.1% |
S&P 500, Nasdaq 100 and Dow futures are mixed to modestly changed after Monday's AI-led rally, with the desk watching oil's rebound, software leadership, lab reimbursement pressure and the 8:30 AM ET Philadelphia Fed services survey.
Sector & Theme Watch
Shopify, Intuit and Adobe are higher in the current premarket screen while Nasdaq futures remain a key read-through. Why it matters: A durable software bid can broaden the tape beyond semiconductors after Monday's AI-led rally. What to watch: Watch SHOP, INTU, ADBE, NOW, CRM and PANW for whether the early software bid survives the open.
Quest Diagnostics and Labcorp are under pressure after CMS laboratory fee schedule headlines revive reimbursement risk. Why it matters: Medicare lab-fee resets can change revenue assumptions for diagnostics providers and hospital-service peers. What to watch: Watch DGX, LH, DHR, TMO, HOLX and NTRA for diagnostics and testing read-throughs.
Storage, optical and AI-infrastructure names are lower after Monday's AI-led market rally. Why it matters: The pullback tests whether AI infrastructure leadership is rotating into software or simply consolidating. What to watch: Watch STX, WDC, COHR, CRWV, MRVL and AMD for group breadth and opening-volume confirmation.
WTI and Brent are watched after AP reported crude rebounding in Asian trading from last week's geopolitical spike and Monday's relief move. Why it matters: Energy-price volatility can swing inflation expectations, airlines, transports and integrated oil producers. What to watch: Watch XOM, CVX, COP, OXY, DAL and UAL as oil and rates move through the morning.
Premarket Trading
| PSKY | +2.3% | Paramount Skydance rises as media merger hopes remain active. |
| SHOP | +3.0% | Shopify rises with large-cap software and internet shares. |
| GOOGL | +0.7% | Alphabet rises with megacap technology shares before the open. |
| NFLX | +0.7% | Netflix trades higher with communication-services shares before the open. |
| STX | -0.9% | Seagate falls with storage and AI-hardware names. |
| CRWV | -0.7% | CoreWeave slips with AI infrastructure shares before the open. |
| WDC | -0.9% | Western Digital falls with storage peers before the open. |
| COIN | -1.5% | Coinbase slips as crypto-linked equities soften before the open. |
Stocks in Focus
Alibaba unveiled its Zhenwu V900 AI chip at today's Apsara conference, saying it delivers three times the performance of its predecessor. The company said Qwen 4 is in training and outlined larger future models, while targeting more than 20 gigawatts of global cloud data-center capacity by 2032. The V900 is scheduled for commercial release in the first quarter of 2027. Why it matters: The announcement expands Alibaba's AI push across chips, models and cloud infrastructure, although the new chip is not yet commercially available.
Sources: Alibaba announcement; Reuters; Nasdaq premarket; Yahoo premarket
On Holding used its September 22 investor day to target at least CHF 5.6 billion in 2029 net sales, a gross margin of at least 65%, and an adjusted EBITDA margin of at least 22%. Its board also authorized up to $1 billion in share repurchases through 2029, while the company reiterated its 2026 outlook. Why it matters: The new targets give investors a longer-term measure of growth and profitability, while the buyback introduces a capital-return commitment.
Sources: On investor-day release
GameStop CEO Ryan Cohen disclosed buying 1,150,680 shares on September 21 at a weighted-average price of $22.9375, an investment of about $26.4 million. The filing showed his direct holdings rose to 40,498,522 shares, and the stock traded higher in Tuesday premarket activity following the disclosure. Why it matters: The latest purchase gives investors a concrete new insider-ownership development to weigh against recent stock volatility.
Sources: Investing.com Cohen purchase report
Paramount Skydance is carrying a Monday settlement with 12 state attorneys general into Tuesday trading. The agreement addresses the challenge to its Warner Bros. Discovery acquisition and includes domestic film-production and worker commitments, although it still requires court approval. Why it matters: The settlement removes a major legal obstacle to the proposed merger, but closing and integration remain ahead.
Sources: PremarketPrice September 22 gainers; Yahoo Finance current-session premarket chart; Nasdaq real-time premarket quote
Coinbase said eligible U.S. retail customers can now request IPO share allocations directly in its app, beginning with the Oura offering this week. The service is offered through Coinbase Capital Markets and expands the company product line beyond digital-asset trading. COIN traded lower in Tuesday premarket activity; a direct cause for that move has not been verified. Why it matters: IPO access broadens the Coinbase retail offering, while the premarket move should be kept separate from an unproven causal explanation.
Sources: PremarketPrice September 22 losers; Yahoo Finance current-session premarket chart; Nasdaq real-time premarket quote
Crude prices turned higher Tuesday after four days of declines as traders awaited possible U.S.-Iran talks at the United Nations, keeping Chevron in focus. CVX nevertheless remained lower in premarket trading following the Monday energy-sector selloff; no new Chevron-specific announcement has been verified for this session. Why it matters: The divergence between crude and CVX shows that the oil rebound has not yet translated into a stock rebound, so the opening trade warrants a fresh check.
Sources: AP September 22 global markets
More Stocks to Watch
Economic Events - ET
| 8:30 AM ET | Philadelphia Fed Non-Manufacturing Survey |
| 10:00 AM ET | Richmond Fed Survey of Manufacturing Activity |
| 10:05 AM ET | New York Fed President John Williams speaks |
| 10:20 AM ET | Fed Vice Chair Philip Jefferson speaks |
| 1:00 PM ET | Richmond Fed President Thomas Barkin speaks |
Earnings Today
NYSE hours and calendars; PremarketPrice gainers; PremarketPrice losers; New York Fed September 2026 calendar; Digrin September 22 earnings calendar; AP September 22 global markets