U.S. stock futures are relatively flat ahead of the Wall Street open after a two-session rally stalled. Tariff headlines continue to drive market sentiment with China pushing back on the positive rhetoric from the White House. China says there are no ongoing talks with the U.S. and calls for the U.S. to cancel unilateral tariffs.

Earnings will drive markets today along with tariff headlines. IBM (IBM), Chipotle (CMG), and Southwest Airlines (LUV) are under pressure in the premarket, while ServiceNow (NOW), Texas Instruments (TXN), and Lam Research (LRCX) are higher post results. On the data front, Durable Goods and Jobless Claims are due ahead of the opening bell.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 1% near $63 a barrel after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
• Gold (/GC) – Gold prices are up almost 2% near $3350 on dip buying and a lower dollar, a day after the bullion hit a one-week low amid optimism over the U.S.-China trade deal.
• Bitcoin (/BTC) – The crypto future is down about 1% near 92.5K in the premarket and is near 7-week highs.
• VIX – The CBOE Volatility Index is up 0.5% after falling nearly 7% on Wednesday and settling at 28.45 as stocks rallied.
• U.S. Dollar (/DX) – The dollar is down 0.5% to just above 99.

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

1. ServiceNow (NOW): +7.91%
2. Texas Instruments (TXN): +7.85%
3. Hasbro (HAS): +6.32%

1. Fiserv (FI): -6.96%
2. IBM (IBM): -6.79%
3. Tractor Supply (TSCO): -4.40%

Economic Data

• 8:30AM ET: Durable Goods Orders, Jobless Claims, Chicago Fed Nat’l. Activity Index
• 10:00AM ET: Existing Home Sales
• 10:30AM ET: Natural Gas Inventories
• 11:00AM ET: Kansas City Mfg. Index
• 1:00PM ET: 7-Year Note Auction
• 4:30PM ET: Fed Balance Sheet

Notable Earnings

• Premarket: AAL, ADT, AMP, BFH, BMY, BC, CBRE, CMCSA, DB, DOV, DOW, FI, FCX, GPI, HAS, KDP, LHX, MRK, NDAQ, NOK, PEP, PCG, PG, SNY, SAH, LUV, STM, TECK, TSCO, TRU, UNP, VLO, WTW
• Postmarket: AEM, GOOGL, SAM, BYD, DLR, EMN, GILD, HIG, INTC, RHI, SKX, TMUS, WY
• Premarket Tomorrow: ABBV, AON, AN, CNC, CHTR, CL, HCA, LYB, PSX, SLB
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Deutsche Bank upgrades M&T Bank (MTB) & Huntington Bancshares (HBAN) to Buy from Hold
• Summit Insights downgrades Texas Instruments (TXN) to Hold from Buy
• B. Riley downgrades On Semi (ON) to Neutral from Buy
• DA Davidson downgrades Mondelez (MDLZ) to Neutral 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.