U.S. stock futures are sharply lower this morning following yet another negative trading week for Wall Street. The moves come after each of the three major averages logged a third weekly decline in the last four trading weeks. The S&P 500 (SPX) closed out Thursday’s session higher, but the benchmark index still finished the holiday-shortened week 1.5% lower. Additionally, the Dow Jones Industrial Average and Nasdaq-100 posted their third consecutive losing session, each finishing the week with a more than 2% pullback.

Meanwhile, heightened concern surrounding President Donald Trump’s tariffs continued to weigh on the market. Continued volatility and uncertainty will likely cap stocks and weigh on investors until greater clarity emerges. Investors are looking ahead to a key earnings week, as more than 100 S&P 500 companies are due to report, including Alphabet (GOOGL), Tesla (TSLA), and Boeing (BA).

• Oil (/CL) – Oil prices are down over 2% near $62.50 a barrel after nuclear talks between the United States and Iran progressed, reducing the concerns that the dispute will reduce supply from the major Middle Eastern producer.

• Gold (/GC) – Gold prices are up over 2.5% near $3,415 and are at a record high today, spurred by concerns over global economic growth due to the spiraling Sino-U.S. trade war, with a weaker dollar further boosting the rally.

• Bitcoin (/BTC) – The crypto future is up over 2% near $87.1K in the premarket.

• VIX – The CBOE Volatility Index was down 9.2% on Thursday and settled at 29.65 as stocks were mixed. It has rebounded over 9% to 32.5 before the open.

• U.S. Dollar (/DX) – The dollar is down over 1% to 97.9.

• Phillip Securities upgrades Netflix (NFLX) to Neutral from Reduce

• Wolfe Research upgrades Walt Disney (DIS) to Outperform from Peer Perform

• Guggenheim upgrades Salesforce (CRM) to Neutral from Sell

• Raymond James downgrades downgrades Amazon (AMZN) to Outperform from Strong Buy

• DA Davidson downgrades Salesforce (CRM) to Underperform from Neutral

• Argus downgrades UnitedHealth (UNH) to Hold from Buy

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