Stock index futures are showing modest weakness as the trading week draws to a close, with markets closed for the Memorial Day holiday on Monday. President Trump threatened Apple (AAPL) with at least 25% tariffs if the company does not manufacture iPhones in the U.S., sending shares down as much as -4% in early trading.

Traders also must continue to ponder the situation for U.S. treasuries and government debt, as the GOP’s multi-trillion dollar tax and spending package passed the House and will now move to the Senate with another debt limit deadline approaching. Today’s economic data includes New Home Sales and traders can keep an eye out for a speech from Jerome Powell on Sunday at 2:40pm ET.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down over 1% near $60.50.
• Gold (/GC) – Gold is up around 1.5% to $3342.
• Bitcoin (/BTC) – The cryptocurrency is down around 1% but is still holding at $109.9K.
• VIX – The CBOE Volatility Index has spiked 15% as Trump threatens tariffs on Apple and is now around 23.5.
• U.S. Dollar (/DX) – The dollar is down 0.5% to 99.4.

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

1. Intuit (INTU): +7.57%
2. Constellation Energy (CEG): +1.91%
3. Autodesk (ADSK): +1.09%

1. Deckers Outdoor (DECK): -18.81%
2. Ross Stores (ROST): -12.07%
3. Workday (WDAY): -7.38%

Economic Data

• 9:35AM ET: Northwest Arkansas Fireside Chat
• 10:00AM ET: New Home Sales
• 12:00PM ET: Fed’s Cook Speaks
• 1:00PM ET: Baker Hughes Rig Count
• 2:00PM ET: SIFMA Early Close
• Sunday, 2:40PM ET: Jerome Powell Speaks

Notable Earnings

• Premarket: BAH, FRO
• Postmarket: None
• Premarket Monday: None
• Postmarket Monday: JOYY

Upgrades/Downgrades

• Erste Group upgrades Morgan Stanley (MS) to Buy from Hold
• Baird upgrades Wix.com (WIX) to Outperform from Neutral
• Erste Group downgrades McDonald’s (MCD) to Hold from Buy
• Evercore downgrades Deckers Outdoor (DECK) to In Line from Outperform
• Keybanc downgrades Deckers Outdoor (DECK) to Sector 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.