Markets Digesting SpaceX IPO, Nvidia EPS and Economic Data

Markets are pointing lower this morning, with the small-cap Russell 2000 futures (/RTY) faring the worst with a -0.50% decline.

Nvidia (NVDA) topped blockbuster earnings that beat expectations with a dividend increase and an $80B stock repurchase plan; shares were showing a modest gain of about +0.37% in early trading.

Meanwhile, SpaceX filed for an IPO that showed a $4.9B net loss in 2025. OpenAI, maker of ChatGPT, could file for its IPO as soon as Friday.

It’s a busy day for economic data, with the Jobs Report, Housing Starts, and the S&P Global PMI Flash report to consider. Meanwhile, today’s earnings include Walmart (WMT), Deere & Co. (DE), Ross Stores (ROST), Take-Two Interactive (TTWO), and Workday (WDAY).

Morning Movers

Snapshot (as of 7 AM ET)

• Oil Futures (/CL) – Oil prices are up 2.17% to $100.39 per barrel.
• Gold Futures (/GC) – Gold is down -0.44% to 4515.50 per 100 troy oz.
• Bitcoin Futures (/BTC) – The cryptocurrency is -0.46% to 77,350 per five bitcoin contract.
• CBOE Volatility Index (VIX) – The VIX was up 0.54% to 20.10.
• U.S. Dollar Index Futures (/DX) – The dollar index is up 0.16% to 99.17 per contract.

Biggest Premarket Movers (as of 7 AM ET)

Ralph Lauren Corp (RL) 9.35%

IBM Corp (IBM) 6.51%

Occidental Petroleum Corp (OXY) 1.65%

Cognizant Technology Solutions Corp (CTSH) 1.01%

Tesla Inc (TSLA) 0.94%

Walmart Inc (WMT) -2.38%

Intel Corp (INTC) -2.61%

Deere & Co (DE) -2.76%

Kroger Co (KR) -4.05%

Intuit (INTU) -14.57%

Economic Data

8:30 AM Building Permits Preliminary APR

8:30 AM Housing Starts APR

8:30 AM Initial Jobless Claims MAY/16

8:30 AM Philadelphia Fed Manufacturing Index MAY

9:45 AM S&P Global Composite PMI Flash MAY

9:45 AM S&P Global Manufacturing PMI Flash MAY

9:45 AM S&P Global Services PMI Flash MAY

Notable Earnings

Premarket: WMT, DE, NTES, BMO, AAP

Postmarket: ROST, TTWO, WDAY, CPRT, ZM, DECK

Premarket Tomorrow: BJ, BAH

Postmarket Tomorrow: None

Upgrades/Downgrades

• Goldman Sachs upgrades Occidental Petroleum (OXY) to Neutral from Sell
• UBS upgrades GE HealthCare (GEHC) to Neutral from Sell
• JPMorgan upgrades Ameren (AEE) to Overweight from Neutral
• Berenberg downgrades Mobileye Global (MBLY) to Hold from Buy
• Pareto downgrades Golar LNG (GLNG) to Hold from Buy
• Raymond James downgrades Northern Oil and Gas (NOG) to Outperform from Strong Buy

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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