Check out the companies making headlines before the bell:

Rent the Runway — Shares dropped 22% after the fashion rental company said it's laying off 24% its corporate workforce. Additionally, Rent the Runway said it's cutting $25 million to $27 million in fixed costs to deal with an uncertain macro backdrop.

Oatly — The stock declined 1.8% after Credit Suisse downgraded Oatly to neutral from outperform, saying rising inflation in Europe and Asia will hurt the Swedish dairy-alternative food company's ability to compete.

Dow — Dow dipped 0.9% after Jefferies downgraded the chemicals company to hold from buy, citing excess supply and demand risks.

Nintendo — The gaming stock jumped 5% after Nintendo said its new title beat a domestic sales record. Sales of the action shooting game Splatoon 3 topped 3.45 million units in Japan.

Wolfspeed — The semiconductor stock advanced 1.6% in the premarket after Evercore ISI initiated coverage of the stock with an outperform rating, saying Wolfspeed "is one of the greatest ways to invest in the Electric Vehicle transition underway today."

Oracle — The stock gained 1.6% in premarket trading after Oracle reported revenue that was in line with expectations. Revenue jumped 18% in its most recent quarter from the year-ago period, boosted by a recent acquisition in software maker Cerner.

Twilio — The stock added 1.1% after KeyBanc Capital Markets resumed coverage on the stock with an overweight rating, saying communications software company is "well positioned"; to use its engagement strategy to raise gross margins.

Twitter — The social media stock nearly 1% as a Twitter whistleblower, previously an executive, is set to testify on his claims of security lapses at the company before a U.S. Senate committee on Tuesday. Twitter shareholders are also expected to vote on Elon Musk's deal to buy the company.

Adobe — Shares fell 0.4% after BMO Capital Markets downgraded Adobe to market perform from outperform, saying there are concerns on the long-term durability of Adobe's Creative Cloud.