All Eyes on Today’s Economic Reports

U.S. stock futures are relatively flat ahead of the Wall Street open after the major indices had their third straight session of gains on Monday. Tech and Small caps were strong yesterday with 10 of the 11 S&P 500 Sectors positive.

Investor focus turns to delayed data today along with Consumer Confidence numbers which have been weak despite the rally in markets. Q3 GDP is expected at a robust 3.2% in the advanced number with a lift from net exports. PCE seen at a decent 2.7% on the delayed data with only two estimates instead of the three for Q3. 

Morning Movers

Snapshot (as of 7 AM ET)

  • Oil (/CL) – Oil prices are relatively flat near $58 a barrel after rising more than 2% in the previous session as the U.S. said it might sell Venezuelan crude it has seized, while Ukraine’s attacks on Russian vessels and piers heightened supply disruption fears.

  • Gold (/GC) Gold futures are up 1% near $4520 and hit another record high overnight, as investors flocked to the safe-haven metal on U.S.-Venezuela tensions, while silver also rallied to a fresh peak. The Dollar is also down to 2-month lows which is supporting the precious metals. 

  • Bitcoin (/BTC)The Crypto Future is down 0.5% near 87,900 in premarket trading.

  • VIX The CBOE Volatility Index was down over 5% on Monday and settled at 14.08 as stocks were higher. It was the lowest close for the VIX in a year.

  • U.S. Dollar (/DX) – The dollar is down 0.43% to 97.86.

Biggest Premarket Movers (as of 7 AM ET)

Symbol

Product

Mark % Change (Winners)

HII

Huntington Ingalls

+3.67%

ALB

Albemarle

+2.64%

NEM

Newmont Corp

+1.10%

AME

Ametek Inc

+0.86%

CCL

Carnival Corp

+0.81%

Symbol

Product

Mark % Change (Losers)

BRO

Brown & Brown

-0.0.71%

HOOD

Robinhood

-0.71%

LLY

Eli Lilly

-0.69%

COIN

Coinbase Global

-0.65%

DPZ

Dominos Pizza

-0.64%

Economic Data

Time

Event

8:30 AM ET

Durable Goods Orders

GDP

9:15 AM ET

Industrial Production

10:00 AM ET

Consumer Confidence 

New Home Sales 

Richmond Fed Mfg. Index 

1:00 PM ET

5-Year Note Auction 

Notable Earnings

Premarket

Postmarket

Premarket Wednesday

Postmarket Wednesday

N/A

LMNR

N/A

N/A

Upgrades/Downgrades

  • CFRA upgrades Pool Corp (POOL) to Buy from Hold.

  • TD Cowan downgrades Janus Henderson (JHG) to Hold from Buy.

  • Evercore ISI downgrades Coty (COTY) to In Line from Outperform.

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