U.S. stock futures are slightly lower ahead of the opening bell after the S&P 500 and Dow Industrials extended their win streak to six sessions on Tuesday. It’s been a volatile April for markets but the S&P 500 is only down 1% this month. Commerce Secretary Howard Lutnick stated yesterday that the U.S. has a deal done with another country but did not specify which one, which supported stocks yesterday. Investor focus will be on earnings fallout today along with plenty of economic data, including the first read on 1Q GDP and ADP employment numbers.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices broke below $60/barrel as uncertainty over U.S. trade talks continue to weigh on the demand outlook. Speculation that OPEC+ members will accelerate the planned production increase again is keeping the supply outlook underpinned and on top of that API data showed a stronger than expected rise in U.S. crude inventories last week. API reports that crude inventories rose 3.8M barrels last week. Gasoline inventories fell 3.1M barrels.
• Gold (/GC) – Gold prices are down nearly 1.5% near $3290, pressured by a firmer dollar and a de-escalation in trade tensions between the United States and its trading partners, while investors awaited key U.S. data for cues on the Federal Reserve’s rate outlook.
• Bitcoin (/BTC) – The crypto future is basically flat around $95.9K.
• VIX – The CBOE Volatility Index has The CBOE Volatility Index was down 3.9% on Tuesday and settled at 24.17 as stocks rallied. It was the lowest closing price for the VIX since April 2nd. It is slightly elevated this morning back towards 25.
• U.S. Dollar (/DX) – The dollar is flat around 99.1.

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

1. Seagate (STX): +7.37%
2. GE Healthcare (GEHC): +5.74%
3. Trane Technologies (TT): +5.25%

1. Super Micro Computer (SMCI): -16.83%
2. First Solar (FSLR): -12.27%
3. Starbucks (SBUX): -8.89%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 8:30AM ET: ADP Employment Report, 1Q GDP (First Read), Employment Cost Index
• 9:45AM ET: Chicago PMI
• 10:00AM ET: Personal Income & Outlays, Pending Home Sales
• 10:30AM ET: Oil Inventories

Notable Earnings

• Premarket: AER, ADP, BLCO, CAT, DAN, ETSY, GRMN, GEHC, GNRC, HES, HUM, MLM, NCLH, OSK, PPL, SMG, SWK, TW, VMC, WDC, WING, XPO, YUM
• Postmarket: AFL, ALB, ALGN, ALL, BHC, CHRW, CP, CAKE, CTSH, EBAY, KLAC, META, MET, MSFT, PRU, PSA, QCOM, HOOD, TDOC, WEX
• Premarket Tomorrow: APD, APTV, BAX, BDX, BIIB, BLDR, CCJ, CARR, CHD, CVS, D, LLY, EL, EXC, FTV, HOG, HSY, HUBB, H, K, KKR, MA, MCD, MRNA, PH, RBLX, SHAK, SIRI, W, XRX
• Postmarket Tomorrow: ABNB, AMZN, AIG, AMGN, AAPL, TEAM, BZH, XYZ, EXAS, FND, ULCC, GDDY, CART, JNPR, LYV, MTZ, MSTR, RDDT, RIOT, ROKU, SYK, TWLO, X, ZETA

Upgrades/Downgrades

• Barclays upgrades NetApp (NTAP) to Overweight from Equal Weight
• DA Davidson upgrades Airbnb (ABNB) to Buy from Neutral
• Wolfe Research upgrades Ford Motor (F) to Peer Perform from Underperform
• Goldman Sachs downgrades Starbucks (SBUX) to Neutral from Buy
• KeyBanc downgrades First Solar (FSLR) to Underweight from Sector Weight
• Wells Fargo downgrades Nike (NKE) 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.