Equity index futures are moving higher after the U.S. Court of international Trade ruled that President Trump does not have the authority to impose the sweeping global tariffs that have dominated headlines for weeks. Traders now must consider this new twist in the Trade War saga, and at the same time assess the stock market colossus Nvidia’s earnings beat in yesterday’s postmarket that sent shares up more than +5.2%.

Other earnings movers include AI (+14.4%), ELF (+9.3%), BURL (+6.8%), S (-12.8%), and HPQ (-8.9%). Today also will bring two major sources of economic data with Jobless Claims and GDP at 8:30am ET. Cryptocurrencies also are rallying, with Bitcoin futures up +1.7% and Ether futures up +3.5%.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.5% and are trading above $62.
• Gold (/GC) – Gold is pretty much flat at $3,325.
• Bitcoin (/BTC) – The cryptocurrency is up 2% to $108.9K.
• VIX – The CBOE Volatility Index has settled slightly to 19.1.
• U.S. Dollar (/DX) – The dollar is basically flat at 99.9.

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

1. Agilent (A): +5.52%
2. Nvidia (NVDA): +5.43%
3. Synopsys (SNPS): +3.69%

1. HP Inc. (HPQ): -9.01%
2. Best Buy (BBY): -2.13%
3. Live Nation (LYV): -1.87%

Economic Data

• 8:30AM ET: GDP, Jobless Claims, Fed’s Barkin Speaks, Corporate Profits
• 10:00AM ET: Pending Home Sales
• 10:30AM ET: EIA Natural Gas
• 10:40AM ET: Fed’s Goolsbee Speaks
• 11:00AM ET: Treasury Buyback Announcement
• 11:30AM ET: 4-Week Bill Auction, 8-Week Bill Auction
• 12:00PM ET: EIA Petroleum Status
• 1:00PM ET: 7-Year Note Auction
• 2:00PM ET: Treasury Buyback Results, Fed’s Kugler Speaks
• 4:00PM ET: Fed’s Daly Speaks
• 4:30PM ET: Fed Balance Sheet
• 8:25PM ET: Fed’s Logan Speaks

Notable Earnings

• Premarket: LI, HRL, BBY, BURL, BBWI, FL, KSS, SPTN, BBW, CAL, MOV, DXLG
• Postmarket: COST, DELL, MRVL, ZS, NTAP, ULTA, COO, GAP, ESTC, PATH, AMBA, AEO, UVV, PD, NGL, RRGB, YTRA
• Premarket Tomorrow: SCVL, CGC
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Summit Insights upgrades Nvidia (NVDA) to Buy from Hold
• Wells Fargo upgrades HCA Healthcare (HCA) to Equal Weight from Underweight
• Deutsche Bank upgrades Southwest (LUV) to Buy from Hold
• RBC Capital downgrades Salesforce (CRM) to Sector Perform from Outperform
• Jefferies downgrades GE Vernova (GE) to Hold from Buy
• TD Cowen downgrades Starbucks (SBUX) to Hold from Buy

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

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.