It’s a quiet morning so far on Wall Street, but one that feels like the calm before a potential storm. Equity indices are little changed with S&P 500 futures up about 0.08% and Nasdaq 100 futures up 0.19% as traders look toward Nvidia’s (NVDA) earnings report after the closing bell as well as FOMC minutes at 2pm ET.

One primary focus for today’s earnings is the tech sector with CRM, HPQ, and AI joining NVDA in the postmarket session. However, it’s also a big week for retail earnings, which could provide important insight into the impact of potential tariffs and the ultimate affect to U.S. consumers with ANF up almost +25% in early trading and many other names reporting this week (DKS, M, CPRI, BBY, BURL, COST).

Today’s economic data includes MBA Mortgage Applications and the Richmond Fed Manufacturing Index.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up around 1% to $61.50 as OPEC’s meeting begins.
• Gold (/GC) – Gold is slightly higher around $3,340.
• Bitcoin (/BTC) – The cryptocurrency is down about 1% to $108.9K.
• VIX – The CBOE Volatility Index fell yesterday after E.U. tariffs were delayed to July 9 and is now at 19.1.
• U.S. Dollar (/DX) – The dollar is flat at 99.6. 

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

1. Elevance Health (ELV): +2.67%
2. CVS Health (CVS): +1.71%
3. Super Micro Computer (SMCI): +1.66%

1. Boston Scientific (BSX): -3.11%
2. CenterPoint Energy (CNP): -1.56%
3. Smurfit Westrock (SW): -1.08%

Economic Data

• OPEC Meeting
• 4:00AM ET: Fed’s Kashkari Speaks
• 7:00AM ET: MBA Mortgage Applications
• 10:00AM ET: Richmond Fed Mfg. Index
• 11:30AM ET: 4-Month Bill Auction, 2-Year FRN Note Auction
• 1:00PM ET: 5-Year Note Auction
• 2:00PM ET: FOMC Minutes

Notable Earnings

• Premarket: BMO, DKS, ANF, M, CPRI
• Postmarket: NVDA, CRM, SNPS, VEEV, A, HPQ, NTNX, UHAL, NDSN, ELF, AI
• Premarket Tomorrow: LI, HRL, BBY, BURL, BBWI, FL, KSS, SPTN, BBW, CAL, MOV, DXLG
• Postmarket Tomorrow: COST, DELL, MRVL, ZS, NTAP, ULTA, COO, GAP, ESTC, PATH, AMBA, AEO, UVV, PD, NGL, RRGB, YTRA

Upgrades/Downgrades

• Baird upgrades FICO (FICO) to Outperform from Neutral
• Truist upgrades State Street (STT) to Buy from Hold
• JPMorgan upgrades Vail Resorts (MTN) to Neutral from Underweight
• TD Cowen downgrades Skechers (SKX) to Hold from Buy
• Jefferies downgrades Rocket Pharma (RCKT) to Hold from Buy
• TD Cowen downgrades Freshpet (FRPT) to Hold 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.