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Chicago PMI, 'Big Beautiful Bill' Ahead
Rick Ducat, CMT
June 30, 2025
Stock index futures are higher for the final day of the second quarter and the start of a holiday-shortened week that will see trading conclude at 1PM ET on Thursday, Jul. 3. The GOP’s massive budget bill climbed another procedural step as the Senate voted to proceed to a final debate over the weekend.
The U.S. dollar hit its lowest level since Feb., 2022 as Canada withdrew its digital services tax on big tech companies like Meta Platforms (META) and Alphabet (GOOGL) after President Trump said he was ending all trade negotiations with Canada.
Today’s economic data includes Chicago PMI and the Dallas Fed Manufacturing Survey. Meanwhile, it’s a light start to the week on the earnings front with Constellation Brands (STZ) reporting after Tuesday’s close.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down 0.4% to $65.20/barrel.
Gold (/GC) – Gold futures are slightly higher near 3,290 after Friday’s -1.6% drop marked a total -5.5% decline from the Jun. 16 intraday highs of 3,476.30.
Bitcoin (/BTC) – Bitcoin futures are up +0.8% at about 108.4K, but the cryptocurrency still remains within a downtrend beginning with the all-time highs on May 22.
VIX – Volatility remained muted last week as the VIX closed at 16.32 on Friday, only slightly up from its open of 16.31 and down from the previous session’s close of 16.59.
U.S. Dollar (/DX) – The dollar is down -0.2% at about 96.8 after Friday showed the greenback’s fifth straight day of declines, and price dipped to 96.59 in early trading; its lowest point since Feb. 2022.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
HPE | Hewlett Packard Enterprise | +14.07% |
JNPR | Juniper Networks | +8.45% |
FSLR | First Solar | +7.27% |
NEE | NextEra Energy | -5.67% |
AES | AES Corp. | -4.10% |
ENPH | Enphase Energy | -2.15% |
Economic Data
Time | Event |
|---|---|
9:45AM ET | Chicago PMI |
10:00AM ET | Raphael Bostic Speaks |
10:30AM ET | Dallas Fed Mfg. Survey |
11:30AM ET | 3-Month Bill Auction 6-Month Bill Auction |
1:00PM ET | Fed’s Goolsbee Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
None | None | None | STZ |
Upgrades/Downgrades
Stifel upgrades Oracle (ORCL) to Buy from Hold
Jefferies upgrades Walt Disney (DIS) to Buy from Hold
Wolfe Research upgrades Medtronic (MDT) to Peer Perform from Underperform
BMO Capital downgrades Tronox (TROX) to Underperform from Market Perform
BofA downgrades ProKidney (PROK) to Underperform from Neutral
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