China and U.S. Prepare for Trade War De-escalation

U.S. stock futures are rebounding from Tuesday’s slide ahead of the opening bell on Wall Street as China and the US prepared to hold their first confirmed trade talks since President Trump announced his tariffs. Optimism for stocks comes after news that U.S. Treasury Secretary Scott Bessent and top trade official Jamieson Greer would meet with their Chinese counterparts this week in Switzerland. Investor focus will also be on the FOMC meeting this afternoon. No rate cut is expected and traders will monitor Fed Chair Powell’s press conference for insights on where rates could go moving forward.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.8% near $59.50 a barrel on signs of weakening production in the U.S. and higher demand in Europe and China as buyers emerged after prices fell to nearly 4-year lows earlier in the week. API reports that crude inventories fell 4.49M barrels last week. Gasoline inventories fell 1.97M barrels.
• Gold (/GC) – Gold prices are down 0.8% near $3395 as optimism over potential U.S.-China trade talks weakened demand for safe-haven assets, while investors braced for the Federal Reserve’s policy meeting later in the day.
• Bitcoin (/BTC) – The Crypto Future is up over 2% near 97.5K in the premarket.
• VIX – The CBOE Volatility Index was up 4.7% on Tuesday and settled at 24.76 as stocks fell.
• U.S. Dollar (/DX) – The dollar is slightly up near 99.42

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Disney (DIS): +6.05%
2. Advanced Micro Devices (AMD): +1.92%
3. Honeywell International (HON): +2.34%
4. Marvell Technology (MRVL): -8.76%
5. Uber (UBER): -4.23%
6. Arista Networks (ANET): -5.10%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 10:30 AM ET: Oil Inventories
• 2:00 PM ET: FOMC Announcement
• 2:30 PM ET: Fed Chair Powell Presser
• 3:00 PM ET: Consumer Credit

Notable Earnings

• Premarket: GOLF, ADNT, GOLD, BLMN, BWA, BG, CDW, DK, DIN, EMR, FTS, GDRX, HAIN, JCI, DNOW, OC, ROK, RMBL, TBLA, TEVA, UBER, U, VST, DIS
• Postmarket: AMC, DOX, APA, APP, ARM, CAR, BHF, BMBL, CVNA, CF, CLF, DASH, BROS, FLUT, FTNT, GT, HRB, JOBY, KD, LZ, OXY, PAYC, SNDK, SWKS, SONO, RUN, ZG
• Premarket Tomorrow: ATUS, ABEV, BUD, APPN, CHH, COP, CROX, QBTS, HBI, HP, KVUE, DNUT, MTCH, MLCO, TAP, PZZA, PTON, PENN, PLNT, QSR, SHOP, SPB, TPR, WRBY, WBD, YETI
• Postmarket Tomorrow: AFRM, AKAM, BILL, CARG, NET, COIN, DKNG, DBX, EXPE, HUBS, ILMN, LYFT, MARA, MCK, MCHP, PARA, PINS, POST, RXT, REAL, RNG, RKT, SOUN, SG, TXRH, TKO, TOST, TREX, TTD, WOLF, YELP, ZIP

Upgrades/Downgrades

• BofA upgrades AMD (AMD) to Buy from Neutral
• BofA upgrades Honeywell (HON) to Buy from Neutral
• Jefferies downgrades Discover (DFS) to Hold from Buy
• Cantor Fitzgerald downgrades Marvell (MRVL) to Neutral from Overweight

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