Morning Watchlist: Can S&P 500 Break Losing Streak?
1 min read
U.S. Stock Futures are modestly lower ahead of the Wall Street open as downbeat corporate earnings extended concerns in a market that’s already dealing with the prospect of a damaging U.S. trade war. Nike (NKE), FedEx (FDX), and Micron (MU) are all under pressure in the premarket due to ongoing tariff concerns and waning consumer sentiment. Despite the weakness today, the S&P 500 (SPX) will attempt to snap a 4-week losing streak after settling on Thursday up 0.4% on the week.
Snapshot (as of 7 AM ET)
- Oil (/CL) – Oil prices are down slightly, below the $68 level, but are set for their second weekly consecutive gains as the U.S. places new sanctions on Iran and OPEC+ announces a new plan to cut outputs.
- Gold (/GC) – Gold is relatively flat near $3040 after making multiple all-time highs this week.
- Bitcoin (/BTC) – The cryptocurrency is down slightly, just below the $84K level.
- VIX – The CBOE Volatility Index is up slightly to the 20 level.
- U.S. Dollar (/DX) – The dollar is flat around 103.5.
Biggest Premarket Movers (as of 7 AM ET, Mark % Change)
- Lockheed Martin (LMT): +2.03%
- Super Micro Computer (SMCI): +1.28%
- Danaher (DHR): +1.17%
- FedEx (FDX): -7.40%
- Nike (NKE): -6.36%
- Micron (MU): -3.41%
Economic Data
- Triple Witching Expiration
- 9:05AM ET
- Fed’s William Speaks
- 1:00PM ET
- Baker-Hughes Rig Count
Earnings
- Premarket: CCL, NIO
- Postmarket: N/A
- Premarket Monday: LUNR
- Postmarket Monday: KBH, OKLO
Upgrades/Downgrades
- Keybanc upgrades Adobe (ADBE) to Sector Weight from Underweight
- JPMorgan upgrades Super Micro (SMCI) to Neutral from Underweight
- Morgan Stanley upgrades Norwegian Cruise (NCLH) to Equal Weight from Underweight
- Loop Capital downgrades FedEx (FDX) to Sell from Hold
- Nomura downgrades PDD Holdings (PDD) to Neutral from Buy
- Piper Sandler downgrades Elevation Oncology (ELEV) to Neutral from Overweight
Charles Schwab and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.
