U.S. stock futures are slightly lower ahead of the Wall Street open as traders digest more tariff headlines. Stocks rallied on Wednesday led by tech with the Nasdaq-100 (NDX) settling at a record high close. 

Nvidia (NVDA) led markets yesterday and traded above the $4 trillion market cap briefly – becoming the first company to do so.  

On the tariff front, President Donald Trump said that a 50% U.S. tariff on imported copper will take effect Aug. 1. Trump also announced a 50% tariff on Brazil partly in retaliation for the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country’s 2022 election results. 

Focus today will be on Jobless Claims and falling volatility with the VIX settling at nearly 5-month lows along with expected tariff fallout.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 1.0% near $68 a barrel as investors weighed the potential impact of U.S. President Donald Trump’s tariffs on global economic growth. OPEC's latest report continues to say that demand will grow by around 19% to reach 123 million barrels a day by 2050. That is even more than anticipated last year. OPEC said India will lead the expansion.
• Gold (/GC) – Gold prices are up 0.2% near $3327, supported by a pullback in the dollar and the prospect of U.S. interest rate cuts later in the year, while investors awaited more details on U.S. President Donald Trump’s trade policy.
• Bitcoin (/BTC) – The Crypto Future is 0.8% near 111.3K in the premarket. Bitcoin hit an all-time high above 112K overnight.
• VIX – The CBOE Volatility Index fell 5.2% on Wednesday and settled at 15.94 as stocks were mixed. It was the lowest closing price for the VIX since Feb. 20th.
• U.S. Dollar (/DX) – The dollar is flat at 97.2.

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

1. Delta Airlines (DAL): +13.49%
2. United Airlines (UAL): +9.25%
3. Southwest Airlines (LUV): +3.50%

1. Conagra Brands (CAG): -5.30%
2. PTC (PTC): -3.55%
3. Autodesk (ADSK): -3.02%

Economic Data

• 8:30AM ET: Jobless Claims
• 10:00AM ET: Fed’s Musalem Speaks
• 10:30AM ET: Natural Gas Inventories
• 1:00PM ET: 30-Year Bond Auction
• 1:15PM ET: Fed’s Waller Speaks
• 2:30PM ET: Fed’s Daly Speaks

Notable Earnings

• Premarket: CAG, DAL, HELE, SMPL
• Postmarket: LEVI, PSMT, VIST, WDFC
• Premarket Tomorrow: None
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Piper Sandler upgrades Oracle (ORCL) to Overweight from Neutral
• HSBC upgrades AMD (AMD) to Buy from Hold
• Goldman Sachs upgrades McDonald’s (MCD) to Buy from Neutral
• Piper Sandler downgrades Workday (WDAY) to Underweight from Neutral
• Needham downgrades CoreWeave (CRWV) to Hold from Buy
• H.C. Wainwright downgrades Coinbase (COIN) to Sell 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.