Stock Futures Rebound as Tech Turns Higher

Stock futures are pointed higher this morning, as easing oil prices and Treasury yields provide some relief. West Texas Intermediate (WTI) crude is down 2% near $91 per barrel, while tech stocks regain some ground after Monday's slump. Futures on the  Dow Jones Industrial Average (DJI) are up 100 points, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sport modest pre-market gains as well.

Investors are also awaiting September consumer confidence and August job openings data, both due out later this morning. Meanwhile, AI remains in focus after Anthropic's initial public offering (IPO) prospectus warned of the "catastrophic or existential risk to humanity." 

Continue reading for more on today's market, including:

• Pessimism surrounds the S&P 500, despite strong performance says Schaeffer's Senior V.P. of Research Todd Salamone. 
• Defense stock flashing a historically bullish signal. 
• Plus, two upgrades this morning; and KMX rising after an earnings beat. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.6 million call contracts and 1.5 million put contracts traded on Monday. The single-session equity put/call ratio rose to 0.58, while the 21-day moving average remained at 0.59. 
2. Bloomin' Brands Inc (NASDAQ:BLMN) is up 5.6% premarket, after J.P. Morgan Securities upgraded the restaurant name to "neutral" from "underweight," with a price-target hike to $13 from $6. Year to date, the equity is up 28.2%. 
3. Space Exploration Technologies Corp (NASDAQ:SPCX) received fresh coverage from TD Cowen. The firm issued a "buy" rating and $200 price target, citing AI and space exploration. Before the bell, SPCX is up 0.9%. Since the start of the quarter, the shares are down 14.9%. 
4. CarMax Inc (NYSE:KMX) is up 6.5% in electronic trading, after the used car retailer posted better-than-expected second-quarter results. Year to date, KMX is up 46.4%. 
5. There will be plenty of economic data to kick off October this week. 

Investors Eye Economic Updates Overseas

Asian markets finished the session mostly lower, as U.S. Treasury yields surged. Further, the People’s Bank of China said it will slash rates on its key central bank lending facility to 1.5% from 1.75%. For the day, Japan’s Nikkei fell 0.6%, Hong Kong’s Hang Seng lost 0.5%, and South Korea’s Kospi shed 0.3%. China’s Shanghai Composite bucked the trend with a 0.2% rise.

Meanwhile, the European Commission reported a slight decline of 0.5 points to 97.9 for its Economic Sentiment Indicator in September, citing low consumer confidence. Eyes were on European Union (EU) budget developments, where several leaders wrote to EU officials to demand “hundreds of billions” of euros in spending cuts. The Bank of England (BoE) also reported a rise in unsecure lending by £2.464 billion month-on-month, the fastest pace since 1993. At last check, London’s FTSE 100 is up 0.3%, France’s CAC 40 has added 0.2%, and Germany’s DAX  has tacked on 0.8%.