As of 8:15am, S&P futures are trading at session lows, down 0.5% and after erasing early gains, echoing a rally in Asian technology shares that lost momentum as the session progressed. Nasdaq futures are down 0.6% as Mag 7s trade mixed premarket: META +5% after saying early Muse AI usage has "blown way past our projections" with users engaging 10x more than its test cohorts, while AMZN -0.4%.  The Treasury Department is expected to announce on Wednesday the size of the next day's operation to repurchase outstanding 10-year to 20-year securities. Treasury 10-year yields trade above 4.81%, rising by 3bps. USD extended losses, trading near a 7 month low.The yen extends gains to trade near 153.30 per dollar, outperforming its G-10 peers. Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting the Japanese currency. Hedge funds are betting the yen will strengthen beyond 150 by year-end. Commodities were mostly higher with WTI surging above $95 and Brent topping $100 (with Shanghai oil trading almost $10 higher) for the first time since July 24 after the US struck Iranian tankers near the Kharg Island export hub and in the Gulf of Oman. Tehran responded by firing missiles at Jordan and warning ships in the Persian Gulf. Precious metals and ags are all higher. US economic data slate includes weekly ADP employment change at 8:15am. Fed speaker slate is blank during Sept. 5-17 external communications blackout period around the Sept. 15-16 FOMC meeting

In premarket trading, Mag 7 stocks: Meta rises 5% with analysts positive on the Facebook parent after it debuted Muse, an AI assistant; 
Microsoft +0.04%, Apple -0.2%, Amazon -1.6%, Nvidia -0.4%, Alphabet -1.8%, Tesla -0.9%

Braze (BRZE) slides 11% after the software company's adjusted EPS forecast for the third quarter fell short of the average analyst estimate.

Casey's (CASY) drops 11% after the convenience-store operator reported a miss on first-quarter gross margin, as well as fuel gross profit. The stock had surged 33% this year as of Tuesday's close.

Chime (CHYM) jumps 9% after striking a deal to buy Stride Bank for $590 million in cash, snapping up its longtime partner as the fintech streamlines its operations.

Evommune (EVMN) falls 8% after the drug developer said a mid-stage trial of its experimental therapy to treat atopic dermatitis failed to meet primary and secondary endpoints in any of the doses studied.

Mission Produce (AVO) gains 4% after the avocado producer reported adjusted earnings per share for the third quarter that beat the average analyst estimate.

ServiceTitan (TTAN) is down 17% after the software company's third-quarter revenue forecast fell short of expectations. Bloomberg Intelligence highlights that the company slowed scaling of its agentic AI product Max.

Tyra Biosciences (TYRA) tumbles 21% after announcing initial results from a Phase 2 study.