Morning Watchlist: All Eyes on the Fed

Futures are slightly higher this morning ahead of the Fed’s interest rate decision at 2PM ET. The Fed is widely expected not to move on rates, but the market is focused on Jerome Powell’s press conference afterwards and any hints of rate cuts this year. The White House also announced a “energy and infrastructure ceasefire” as the first step towards the end of the Russia/Ukraine war, which could have long-reaching implications from defense spending to crude oil and beyond.

Morning Movers

Snapshot (as of 7 AM ET)

  • Oil (/CL) – Oil prices are flat near the $67 mark.

  • Gold (/GC) – Gold is slightly higher after once again making an all-time high yesterday.

  • Bitcoin (/BTC) – The cryptocurrency is up around 2% and close to breaking the $84K level.

  • VIX – The CBOE Volatility Index is hanging around 21.

  • U.S. Dollar (/DX) – The dollar is slightly higher after its rapid decline over the last few weeks.

Biggest Premarket Movers

Symbol

Product

Mark % Change (as of 7 AM ET)

TSLA

Tesla

+3.30%

SMCI

Super Micro Computer

+1.45%

MOS

Mosaic

+1.40%

GIS

General Mills

-3.59%

INTC

Intel

-2.43%

GILD

Gilead Sciences

-1.71%

Economic Data

Time

Event

7:00AM ET

MBA Mortgage Applications

10:00AM ET

Atlanta Fed Business Inflation Expectations

10:30AM ET

EIA Petroleum Status Report

11:00AM ET

Treasury Buyback Announcement (Prelim)

11:30AM ET

4-Month Bill Auction

2:00PM ET

FOMC Announcement

2:30PM ET

Fed Chair Press Conference

4:00PM ET

Treasury Intl. Capital

Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket Tomorrow

GDS, GIS, KC, OLLI, SIG, TCEHY, WSM

FIVE, YY, WS

CAN, JBL, DRI, PDD, ACN, GAMB, LE, CAL, SCVL

FDX, LEN, MU, NKE, SCHL

Upgrades/Downgrades

  • Cantor Fitzgerald upgrades Tesla (TSLA) to Overweight from Neutral

  • Compass Point upgrades Affirm (AFRM) to Buy from Neutral

  • Baird upgrades RTX (RTX) to Outperform from Neutral

  • TD Cowen downgrades BP (BP) to Hold from Buy

  • Daiwa downgrades XPeng (XPEV) to Hold from Buy

  • Citi downgrades Thor Industries (THO) to Neutral from Buy

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