The Trade War roller coaster took another huge swing, with the U.S. Court of Appeals for the Federal Circuit yesterday reinstating President Trump’s sweeping global tariffs – at least for now – less than 24 hours after they were blocked by another U.S. court. Markets are modestly down as the last trading day of the month dawns, but major equity index futures still show strong gains during May with the /ES up about +5.2% and the /NQ up about +7.7%.

It’s another heavy day for economic data, with today’s lineup including Personal Income and Outlays, Chicago PMI, and Consumer Sentiment among others. COST and DELL are little changed after earnings, PATH is up +13%, ULTA is up +8%, and GAP is down -15%.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are 1% higher to $61.61.
• Gold (/GC) – Gold is down almost 1% to around $3,317.
• Bitcoin (/BTC) – The cryptocurrency is 0.3% higher this morning, around $106.7K.
• VIX – The CBOE Volatility Index has fallen 0.5% to 19.
• U.S. Dollar (/DX) – The dollar is up slightly, around 99.4.

Biggest S&P 500 Premarket Movers (Mark % Change as of 7 AM ET)

1. Ulta Beauty (ULTA): +9.06%
2. Dexcom (DXCM): +1.69%
3. Dell Technologies (DELL): +1.12%

1. Regeneron (REGN): -9.48%
2. Cooper (COO): -9.04%
3. NetApp (NTAP): -5.25%

Economic Data

• 8:30AM ET: Intl. Trade in Goods (Advance), Personal Income & Outlays, Retail Inventories (Advance), Wholesale Inventories (Advance)
• 9:45AM ET: Chicago PMI
• 10:00AM ET: Consumer Sentiment
• 12:20PM ET: Fed’s Bostic Speaks
• 1:00PM ET: Baker Hughes Rig Count
• 3:00PM ET: Farm Prices
• 4:45PM ET: Fed’s Daly Speaks
• 7:30PM ET: Fed’s Goolsbee Speaks
• Sunday 8:00PM ET: Fed’s Waller Speaks

Notable Earnings

• Premarket: SCVL, CGC
• Postmarket: None
• Premarket Monday: CPB, SAIC
• Postmarket Monday: CRDO

Upgrades/Downgrades

• Barclays upgrades Rockwell Automation (ROK) to Overweight from Equal Weight
• Oppenheimer upgrades Nordson (NDSN) to Outperform from Perform
• Barclays upgrades California Resources (CRC) to Overweight from Equal Weight
• Truist downgrades Airbnb (ABNB) to Sell from Hold
• Piper Sandler downgrades Zscaler (ZS) to Neutral from Overweight
• JPMorgan downgrades Cooper (COO) to Neutral from Overweight

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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.