U.S. China Trade Talk in Focus

U.S. stock futures are relatively flat ahead of the Wall Street open as investors monitor today’s talks between the US and China in London for signs that trade tensions between the two biggest economies might be cooling. The moves come after a solid week for stocks with the S&P 500 (SPX) settling only 2.4% below its all-time high. Friday’s May jobs report came in at 139K jobs added which was just above the 125K expected. With little economic data today, investor focus will be on the talks with China along with the kick-off to Apple’s (AAPL) world-wide developers conference this afternoon.

Snapshot (as of 7 AM ET)

• Oil (/CL) –Oil prices are up 0.3% near $64.80 a barrel as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand.
• Gold (/GC) – Gold prices are slightly lower near $3335, despite a weaker U.S. dollar ahead of U.S.-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year peak.
• Bitcoin (/BTC) – The Crypto Future is up over 2.5% near 107.5K in the premarket.
• VIX – The CBOE Volatility Index was down 9.25% on Friday and settled at 16.77 as stocks rallied. It was the lowest closing price for the VIX since February 20th.
• U.S. Dollar (/DX) – The Dollar Index is slightly higher at 99.063

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

1. WBD (+8.96%)
2. COIN (+2.43%)
3. MRK (+2.19%)
4. ISRG (-3.46%)
5. TSLA (-1.57%)
6. SPG (-1.16%)

Economic Data

• 10:00 AM ET: Wholesale Inventories
• 11:30 AM ET: 3 and 6-Month Bill Auctions
• 1:00 PM ET: Apple (AAPL) WWDC begins

Notable Earnings

• Premarket: None
• Postmarket: CASY, SKIL
• Premarket Tuesday: ASO, CNM, DBI, SJM, UNFI
• Postmarket Tuesday: PLAY, GME, GTLB, PETS, SFIX

Upgrades/Downgrades

• Seaport Research upgrades Oklo (OKLO) to Buy from Neutral
• Baird upgrades ABM Industries (ABM) to Outperform from Neutral
• Baird downgrades Tesla (TSLA) to Neutral from Outperform
• Argus downgrades Tesla (TSLA) to Hold from Buy
• Morgan Stanley downgrades Lululemon (LULU) to Equal Weight from Overweight