Jobless Claims, GOOGL & TSLA Earnings Reaction

U.S. stock futures are relatively flat in premarket trading after the S&P 500 settled at another record high on Wednesday. The trade deal with Japan lent support yesterday and a report that the E.U. is close to a deal lifted equities.

Magnificent 7 stocks Tesla (TSLA) and Alphabet (GOOGL) reported earnings last night with Tesla under pressure and Alphabet up modestly.

Investor focus will continue to be on earnings and trade deal news today along with economic data, including Jobless Claims, PMI and New Home Sales.

Also, President Donald Trump will visit the Federal Reserve on Thursday, escalating his pressure campaign against Chairman Jerome Powell.

Morning Movers

Snapshot (as of 7 AM ET)

  • Oil (/CL) – Oil prices are up nearly 1% near $66 a barrel, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories.

  • Gold (/GC) Gold prices are down 1% near $3370 after a sharp drop in the previous session, as easing trade tensions dented demand for safe-haven assets and a firming dollar create headwinds.

  • Bitcoin (/BTC)The Crypto Future is relatively flat near 118.5K in the premarket.

  • VIX The CBOE Volatility Index fell 6.8% on Wednesday and settled at 15.37 as stocks were higher. It was the lowest closing price for the VIX in 5 months.

  • U.S. Dollar (/DX) – The dollar is up 0.2% to 97.1.

Biggest Premarket Movers

Symbol

Product

Mark % Change (as of 7 AM ET)

WST

West Pharmaceutical

+20.80%

POOL

Pool

+7.31%

NOW

ServiceNow

+6.96%

CMG

Chipotle

-11.92%

LKQ

LKQ

-9.61%

DOW

Dow

-9.29%

Economic Data

Time

Event

8:30AM ET

Jobless Claims

Chicago Fed Natl. Activity Index

9:45AM ET

PMI Composite - Flash

10:00AM ET

New Home Sales

10:30AM ET

Natural Gas Inventories

11:00AM ET

Kansas City Fed Mfg. Index

Notable Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket 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

BYD, SAM, DECK, DLR, EW, INTC, KN, MHK, NEM, WEX, WY

AON, AN, BAH, CRI, CNC, CHTR, HCA, LEA, PSX, SAIA, TTE, VRTS

None

Upgrades/Downgrades

  • New Street upgrades ASML (ASML) to Buy from Neutral

  • KGI Securities upgrades Boeing (BA) to Outperform from Neutral

  • Oppenheimer upgrades Spotify (SPOT) to Outperform from Perform

  • HSBC downgrades AT&T (T) to Hold from Buy

  • Citi downgrades KeyCorp (KEY) to Neutral from Buy

  • Berenberg downgrades BHP Group (BHP) to Sell from Hold

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