Tom White

Host

U.S. stock futures are selling off in premarket trading in the wake of the tariff announcement yesterday after the close with the benchmark S&P 500 down over 3%. The levies were more onerous than feared, especially after stocks rallied into the announcement. The policy announced by the Trump administration included reciprocal tariffs that vary country to country on some of the U.S.′s largest trading partners, as well as a blanket 10% duty on imports from all countries. Stagflation, if not recession risks, will be on the rise as uncertainty has risen. Investor focus will be on the tariff impacts along with Services data and Jobless Claims.

Snapshot (as of 7 AM ET)

Oil (/CL) – Oil prices are down 6% near $67.30 a barrel after U.S. President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.
Gold (/GC) – Gold prices have reversed lower after hitting a record high overnight and are trading off over 1% near $3120 in the premarket.
Bitcoin (/BTC) – The crypto future is down 4.5% to around $83K.
VIX – The CBOE Volatility Index has popped over 20% to above 26 as stocks sell off.
U.S. Dollar (/DX) – The dollar is down almost 2% to 101.5.

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

Abbvie (ABBV): +0.88%
AT&T (T): +0.64%
NextEra Energy (NEE): +0.60%

Lululemon (LULU): -12.04%
Deckers Outdoor (DECK): -11.93%
Dollar Tree (DLTR)-10.15%

Economic Data

7:00AM ET: Challenger Job Cuts
8:30AM ET: Jobless Claims, Intl. Trade in Goods/Services
9:45AM ET: PMI Composite
10:00AM ET: ISM Services Index
10:30AM ET: Natural Gas Inventories
12:30PM ET: Fed’s Jefferson Speaks
2:30PM ET: Fed’s Cook Speaks

Notable Earnings

Premarket: AYI, CAG, LW, MSM
Postmarket: GES
Premarket Tomorrow: None
Postmarket Tomorrow: None

Upgrades/Downgrades

Morgan Stanley upgrades Block (XYZ) to Overweight from Equal Weight
Cantor Fitzgerald upgrades Zscaler (ZS) to Overweight from Neutral
Citi upgrades TJX (TJX) and Ross Stores (ROST) to Buy from Neutral
JPMorgan downgrades U.S. Bancorp (USB) to Underweight from Neutral
BofA double downgrades Lyft (LYFT) to Underperform from Buy

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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.