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Morning Watchlist: ADP Employment Report Comes Up Short
Rick Ducat, CMT
June 04, 2025
Markets are higher in premarket trading, with S&P 500 futures on the verge of overtaking the last month’s highs near 5,993 after two days of gains.
President Trump yesterday doubled tariffs on imported steel and aluminum to 50%, and Trump also said through social media that Chinese president Xi Jinping is “extremely hard” to make a deal with as the Trade War saga continues.
Meanwhile, Elon Musk, who just recently stepped away from overseeing the Department of Government Efficiency (DOGE) cuts, also took to social media to sharply attack the GOP’s sweeping budget bill, calling it a “disgusting abomination” that will increase America’s budget deficit.
Today’s economic data includes PMI Composite, MBA Mortgage Applications, ADP Employment Report and ISM Services Index.
The discount retail space continues to be a major focus of this week’s earnings with DLTR and FIVE reporting today, as well as MDB, PVH, and THO.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Crude oil is flat at $63.40/barrel.
Gold (/GC) – Gold is also flat around $3,372.
Bitcoin (/BTC) – Bitcoin futures are down around 1% to $105.8K.
VIX – The CBOE Market Volatility Index continues to decline, sinking to 17.5.
U.S. Dollar (/DX) – The dollar is flat at 99.2.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
HPE | Hewlett Packard Enterprise | +7.52% |
WFC | Wells Fargo | +2.84% |
NXPI | NXP Semiconductor | +1.88% |
CRWD | CrowdStrike | -6.56% |
CEG | Constellation Energy | -2.17% |
APTV | Aptiv PLC | -1.30% |
Economic Data
Time | Event |
|---|---|
7:00AM ET | MBA Mortgage Applications |
8:15AM ET | ADP Employment Report |
8:30AM ET | Fed’s Bostic Speaks |
9:45AM ET | PMI Composite Final |
10:00AM ET | ISM Services Index |
10:30AM ET | EIA Petroleum Status |
11:00AM ET | Treasury Buyback Announcement |
2:00PM ET | Beige Book |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
DLTR, THO, CXM | MDB, FIVE, PVH, CHPT | CIEN, VSCO, MOMO, LE, DLTH | AVGO, LULU, DOCU, MTN, BRZE, WOOF, GES, RENT |
Upgrades/Downgrades
Goldman Sachs upgrades Yum! Brands (YUM) to Buy from Neutral
Oppenheimer upgrades Dollar General (DG) to Outperform from Perform
UBS upgrades Snowflake (SNOW) to Buy from Neutral
Needham downgrades Apple (AAPL) to Hold from Buy
BofA downgrades CrowdStrike (CRWD) to Neutral from Outperform
Citi downgrades Constellation Energy (CEG) to Neutral from Buy
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