Stocks making the biggest moves premarket:

$Oracle(ORCL.US)$
— The software giant rose 2.7% after UBS upgraded Oracle to a buy from neutral, saying that shares could rally another 20% due to artificial intelligence-related tailwinds.
$AT&T(T.US)$, $Verizon(VZ.US)$
— AT&T and Verizon rose about 1.6% each after Citi upgraded the telecommunication companies to buy, citing a stabilizing competitive wireless environment. The firm also said that their current valuations may be over discounting remediation costs related to lead-covered cables.
$Best Buy(BBY.US)$
— Best Buy rose about 1.3% after topping Wall Street's fiscal second-quarter expectations on the top and bottom lines. The retailer reported adjusted earnings of $1.22 a share, ahead of the $1.06 expected by analysts polled by Refinitiv. Revenues came in at $9.58 billion, versus the $9.52 billion anticipated. Best Buy also trimmed its full-year revenue outlook.
$Big Lots(BIG.US)$
— Shares of the home discount retailer surged 14% after posting a smaller-than-expected loss. Big Lots reported a loss of $3.24 per share, versus the $4.11-loss per expected by analysts polled by FactSet. Revenue came in at $1.14 billion, ahead of the $1.10 billion anticipated.
$PDD Holdings(PDD.US)$
— U.S.-listed shares of the Chinese e-commerce company popped nearly 14% after PDD reported second-quarter earnings that surpasses Wall Street's expectations. PDD also said it saw a "positive shift in consumer sentiment" during the second quarter.
$3M(MMM.US)$
– Shares of the industrial products maker were higher by less than 1% in early morning trading after the company agreed to pay more than $6 billion to settle lawsuits by current and former U.S. military service members over defective combat earplugs.