U.S. stock futures are moving higher ahead of the Wall Street open after President Donald Trump announced the U.S. had reached a trade deal with Japan.

Trump said in a Truth Social post Tuesday night that the U.S. had completed a “massive Deal” with Japan. The agreement includes “reciprocal” tariffs of 15% on the nation’s exports to the U.S.

The president also said the U.S. is meeting with European officials in a push to reach a trade deal with the European Union.

The moves come after the S&P 500 closed at another record high on Tuesday, its 11th of 2025. Focus today will be on fallout from the trade news along with more earnings, including reports from Alphabet (GOOGL) and Tesla (TSLA) after the closing bell.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.7% near $64.80 a barrel and are at 3-week lows. The moves come after falling for three consecutive sessions as a U.S. tariff deal with Japan improved global trade sentiment.
• Gold (/GC) – Gold prices are basically flat near $3440 as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a recent soft dollar and lower Treasury yields capped losses for greenback-priced bullion.
• Bitcoin (/BTC) – The Crypto Future is down over 0.5% near 118.5K in the premarket.
• VIX – The CBOE Volatility Index fell nearly 1% on Tuesday and settled at 16.50 as stocks were mostly higher.
• U.S. Dollar (/DX) – The dollar is flat at 97.2.

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

1. Hess (HES): +7.58%
2. Vistra (VST): +5.24%
3. Hasbro (HAS): +4.68%

1. Fiserv (FI): -15.06%
2. Texas Instruments (TXN): -9.69%
3. Enphase Energy (ENPH): -7.11%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 10:00AM ET: Existing Home Sales, Atlanta Fed Business Inflation Expectations
• 10:30AM ET: Oil Inventories
• 1:00PM ET: 20-Year Bond Auction

Notable Earnings

• Premarket: T, BSX, CME, EQNR, FI, FCX, GEV, GD, HAS, HLT, INFY, LW, LII, MCO, NEE, NTRS, OTIS, RCI, TMO, TMHC, TNL
• Postmarket: ALK, GOOGL, CMG, CCI, CSX, IBM, KNX, MAT, MTH, MOH, ORLY, PKG, QS, ROL, NOW, SON, TMUS, TSLA, URI, WH
• Premarket Tomorrow: ADT, AAL, AMP, BX, BC, CX, CNP, DOV, DOW, GPI, HON, KDP, LHX, MBLY, NDAQ, R, SAH, LUV, STM, FTI, TECK, TXT, TSCO, TRU, UNP, VLO, WAB
• Postmarket Tomorrow: BYD, SAM, DECK, DLR, EW, INTC, KN, MHK, NEM, WEX, WY

Upgrades/Downgrades

• Seaport Research upgrades Toll Brothers (TOL) & PulteGroup (PHM) to Buy from Neutral
• KGI Securities upgrades NXP Semiconductors (NXPI) to Outperform from Neutral
• UBS upgrades Mosaic (MOS) to Buy from Neutral
• Truist downgrades Lockheed Martin (LMT) to Hold from Buy
• BTIG downgrades Unity (U) to Sell from Neutral
• Arete downgrades Shopify (SHOP) to Neutral 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.