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Morning Watchlist: All Eyes on Today's 20-Year Treasury Auction
Rick Ducat, CMT
May 21, 2025
U.S. stock futures are lower in early trading, as traders eye rising Treasury yields and today's 20-year bond auction after the Moody's U.S. credit rating downgrade. There’s little in the way of economic data today, but investor focus could shift to the energy market with crude oil futures up 0.75% on rumblings that Israel is gearing up to attack Iran’s nuclear facilities. Traders also may be looking toward upcoming post-market earnings from SNOW, ZM, and URBN, as they digest results from TGT(-4.3%), KEYS (+4.4%), and LOW (+1.8%).
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up 1.5% near $63 a barrel after news reports of Israel developing attack plans on Iranian nuclear facilities.
Gold (/GC) – Gold is up +0.8% and trading around 3,311 on the back of a +1.8% rally yesterday, possibly buoyed by the Moody’s U.S. credit downgrade.
Bitcoin (/BTC) – The crypto futures product is down -0.5% near 106,760 after briefly pushing above yesterday’s highs and topping out at 108,345 with the 110,150 all-time high on the horizon.
VIX – The CBOE Volatility Index, which typically moves the opposite way from stocks, closed down -0.2% at 18.09 in tandem with equity markets yesterday.
U.S. Dollar (/DX) – The greenback is falling lower, with a -0.4% move in the premarket to near 99.535 and marking a -2.2% slide from the highs on May 12.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
KEYS | Keysight Technologies | +4.62% |
LHX | L3Harris | +3.98% |
LOW | Lowes | +1.71% |
PANW | Palo Alto Networks | -4.93% |
TGT | Target | -4.71% |
TTWO | Take-Two Interactive | -4.21% |
Economic Data
Time | Event |
|---|---|
10:30AM ET | EIA Petroleum Status Report |
12:00PM ET | Thomas Barkin Speaks |
1:00PM ET | 20-Yr Bond Auction |
5:00PM ET | Fed’s Kugler Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Thursday | Postmarket Thursday |
|---|---|---|---|
TJX, LOW, MDT, TGT, BIDU, XPEV, WIX, VFC, WB, GOOS | SNOW, ZM, URBN | ADI, WSM, RL, BJ, AAP | INTU, WDAY, ADSK, CPRT, ROST, DECK |
Upgrades/Downgrades
Stifel upgrades Home Depot (HD) to Buy from Hold
BofA upgrades AutoZone (AZO) to Buy from Neutral
HSBC downgrades UnitedHealth (UNH) to Reduce from Hold
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