U.S. stock futures are flat ahead of the opening bell, despite escalating trade tensions following China’s decision to hike tariffs on U.S. goods to 125% from 84% in retaliation to U.S. policies. China’s government signaled it would dismiss further U.S. tariff actions, adding uncertainty to an already volatile week marked by sharp market swings. Thursday saw significant losses, with the S&P 500 dropping 3.46%, the Dow falling 1,014.79 points (2.5%), and the Nasdaq-100 declining 4.2%.

Investors are now shifting focus to first-quarter earnings season, which kicks off with reports from major financial institutions like Morgan Stanley (MS), Wells Fargo (WFC), and JPMorgan Chase (JPM). These results are expected to shed light on the U.S. economy’s health. Additionally, key economic data, including the March producer price index and April’s preliminary University of Michigan consumer sentiment report, will be released, offering further clues about inflation and consumer confidence.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up flat near $60 a barrel and were set to drop for a second straight week on concerns prolonged trade war between the United States and China, the world’s largest economies, will crush crude consumption as their dispute curtails economic growth.
• Gold (/GC) – Gold Futures are up nearly 2% near $3230 and hit an all-time high this morning, fueled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.
• Bitcoin (/BTC) – The crypto future is up over 3% near $82K in the premarket.
• VIX – The CBOE Volatility Index was up 21% on Thursday and is another 5% higher near the 43 level premarket.
• U.S. Dollar (/DX) – The dollar is down 1% to 99.5.

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

1. Newmont (NEM): +3.08%
2. Charles River Laboratories (CRL): +2.15%
3. Huntington Ingalls (HII): +2.05%

1. Texas Instruments (TXN): -3.70%
2. American Tower (AMT): -0.82%
3. Smurfit Westrock (SW): -0.77%

Economic Data

• 8:30AM ET: PPI
• 9:00AM ET: Fed’s Collin Speaks
• 10:00AM ET: Consumer Sentiment, Fed’s Musalem Speaks
• 11:00AM ET: Fed’s Williams Speaks

Notable Earnings

• Premarket: BK, BLK, FAST, JPM, MS, WFC
• Postmarket: None
• Premarket Monday: GS, MTB
• Postmarket Monday: PNFP, SKIL

Upgrades/Downgrades

• Evercore ISI upgrades Verizon (VZ) to Outperform from In Line
• BofA upgrades American Express (AXP) to Buy from Neutral
• UBS upgrades Newmont (NEM) to Buy from Neutral
• Scotiabank downgrades Chevron (CVX) & Occidental Petroleum (OXY) to Sector Perform from Outperform
• Morgan Stanley downgrades Joby Aviation (JOBY) to Equal Weight 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.