Tom White

Host

U.S. Stock Futures are moving lower in the premarket and are giving up earlier gains as the arrival of tariffs created headwinds. The moves come after stocks posted a monster rebound on Monday to close out the month of March on a positive note. At session lows yesterday the S&P 500 (SPX) was down more than 1.5% and the Nasdaq-100 was off over 2% before staging an end of the quarter rally. Despite Monday’s rebound, for the quarter, SPX was down 4.6%, snapping a five-quarter win streak, and the NDX was off 8.25%.

Focus turns to tariffs today ahead of tomorrow’s ‘Liberation Day’ as investors continue to struggle with clarity on the upcoming levies. Traders will also focus on manufacturing data with the ISM and PMI numbers due this morning.

Snapshot (as of 7 AM ET)

Oil (/CL) – Oil prices are flat near $71.50 a barrel and hit a five-week high overnight.
Gold (/GC) – Gold is up slightly after hitting another record high near $3177 overnight. Gold futures were up 19% for the quarter, the best 3-month rally since 1986.
Bitcoin (/BTC) – The crypto future is up 2% near $84.4K.
VIX – The CBOE Volatility Index is around the 23 level after stocks made a comeback yesterday.
U.S. Dollar (/DX) – The dollar is flat around 104.

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

Keurig Dr. Pepper (KDP): +2.13%
Tesla (TSLA): +1.37%
Ralph Lauren (RL): +1.36%

Johnson & Johnson (JNJ): -3.67%
Genuine Parts (GPC): -3.32%
Southwest Airlines (LUV): -2.65%

Economic Data

9:00AM ET
Fed’s Barkin Speaks
9:45AM ET
PMI Manufacturing - Final
10:00AM ET
ISM Manufacturing Index
Construction Spending
JOLTS
11:30AM ET
6-Week Bill Auction

Notable Earnings

Premarket: NG
Postmarket: SPWH
Premarket Tomorrow: BB, CGNT, UNF
Postmarket Tomorrow: RH

Upgrades/Downgrades

Morgan Stanley upgrades Keurig Dr. Pepper (KDP) to Overweight from Equal Weight
Goldman Sachs upgrades Ulta Beauty (ULTA) to Buy from Neutral
Goldman Sachs upgrades AutoZone (AZO) to Neutral from Sell
Jefferies downgrades American Airlines (AAL) and Delta Airlines (DAL) to Hold from Buy
Jefferies downgrades Southwest Airlines (LUV) to Underperform from Hold
Melius Research downgrades Kroger (KR) to Sell from Hold

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.