Dow Higher as Leaders Discuss China investment in U.S.
Equity indices were higher this morning, with the large-cap Dow futures (/YM) showing the greatest strength as President Donald Trump and Chinese President Xi Jinping commence their summit.
Treasury Secretary Scott Bessent says the two countries are discussing a “board of investment” that could allow Chinese companies to invest in non-sensitive U.S. industries. The U.S. Commerce Department approved Chinese purchases of Nvidia’s (NVDA) advanced H200 chips.
Meanwhile, the artificial intelligence computer chip maker Cerebras Systems priced its IPO at a higher-than-expected $185/share. Today’s economic data includes Retail Sales and Import/Export data, while Applied Materials (AMAT) is the standout earnings name.
Snapshot (as of 7 AM ET)
- Oil (/CL) – Oil prices are down slightly at -0.02% to near $101.00 per barrel
- Gold (/GC) – Gold is down -0.09% at about $4,702 an ounce
- Bitcoin (/BTC) – The cryptocurrency is down -0.11% near 79,655
- VIX – The CBOE Volatility Index is little changed near 17.85
- U.S. Dollar (/DX) – The dollar is up +0.04% near 98.46
Biggest Premarket Movers (as of 8:30 AM ET)
(Winners)
- CISCO SYS INC (CSCO) 15.24%
- HEWLETT PACKARD ENTERPRISES (HPE) 4.65%
- TAKE-TWO INTERACTIVE (TTWO) 4.41%
- BIOGEN INC (BIIB) 4.15%
- ROYAL CARIBBEAN GROUP (RCL) 2.57%
(Losers)
- INTEL CORP (INTC) -3.25%
- QUALCOMM INC (QCOM) -2.43%
- SANDISK CORP (SNDK) -1.89%
- ADVANCED MICRO DEVICES (AMD) -1.30%
- CORNING INC (GLW) -0.92%
Economic Data (Time (ET)
- 8:30 AM: Retail Sales MoM APR
- 8:30 AM: Export Prices MoM APR
- 8:30 AM: Import Prices MoM APR
- 8:30 AM: Initial Jobless Claims MAY/09
- 8:30 AM: Retail Sales Control Group MoM APR
- 8:30 AM: Retail Sales Ex Autos MoM APR
- 10:00 AM: Business Inventories MoM MAR
- 10:15 AM: Fed Schmid Speech
- 1:00 PM: Fed Bowman Speech
- 1:00 PM: Fed Hammack Speech
- 5:45 PM: Fed Williams Speech
- 7:00 PM: Fed Barr Speech
Notable Earnings
- Premarket: NR, YETI
- Postmarket AMAT, RUM, VUZI
- Premarket Tomorrow: None
- Postmarket Tomorrow: None
Upgrades/Downgrades
- TD Cowen upgrades Starbucks to Buy from Hold
- Daiwa upgrades Illumina to Outperform from Neutral
- UBS upgrades Commercial Metals to Buy from Neutral
- Scotiabank downgrades MAA to Underperform from Sector Perform
- Scotiabank downgrades Camden Property to Underperform from Sector Perform
- Wells Fargo downgrades Wix.com to Equal Weight from Overweight
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