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Morning Watchlist: U.S./China Tensions, OPEC+ Hikes Production
Rick Ducat, CMT
June 02, 2025
Major equity index futures are modestly lower to start the month of June, as traders must contend with rising U.S.-China tensions and tariff headlines. President Trump last week said China violated the 90-day Trade War truce between the two countries, with Beijing vowing countermeasures after Trump revoked Chinese student visas and halted chip design software exports.
OPEC+ agreed to sharply raise crude oil production during the weekend and seeks a 411,000 barrel/day increase, but crude oil futures are spiking more than +4% this morning after markets continue to assess the damage from a major Ukrainian offensive against Russia and what effect it could have on oil production.
It’s a light day for earnings, but DG, CRWD, and HPE will give quarterly results tomorrow. Economic data on today’s docket includes PMI Manufacturing, ISM Manufacturing, and Construction Spending.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up over 4% despite OPEC+ declaring a production hike after Ukraine launched a major offensive against Russia.
Gold (/GC) – Gold is up around 2% to $3,380.
Bitcoin (/BTC) – The crypto future is down around 0.5% to $104.6K.
VIX – After closing at 18.57 on Friday, the CBOE Volatility Index is up 6% to 19.68 as trade tensions escalate.
U.S. Dollar (/DX) – The dollar is down 0.5% to 98.8.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
STLD | Steel Dynamics | +9.77% |
NUE | Nucor | +9.75% |
MRNA | Moderna | +2.97% |
GOOGL | Alphabet | -2.08% |
TSLA | Tesla | -2.01% |
SMCI | Super Micro Computer | -1.53% |
Economic Data
Time | Event |
|---|---|
9:45AM ET | PMI Manufacturing (Final) |
10:00AM ET | ISM Manufacturing Construction Spending |
10:15AM ET | Fed’s Logan Speaks |
11:00AM ET | Treasury Buyback Announcement (Prelim) |
11:30AM ET | 3-Month Bill Auction 6-Month Bill Auction |
12:45PM ET | Fed’s Goolsbee Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
CPB, SAIC, UEC | CRDO | DG, NIO, OLLI, SIG | CRWD, HPE, GWRE, HQY, ASAN, BASE, YEXT |
Upgrades/Downgrades
BofA upgrades Boeing (BA) to Buy from Neutral
Goldman Sachs upgrades Old Dominion (ODFL) to Buy from Neutral
Jefferies upgrades Rollins (ROL) to Buy from Hold
Goldman Sachs downgrades Union Pacific (UNP) to Neutral from Buy
Goldman Sachs downgrades CSX (CSX) to Neutral from Buy
Bernstein downgrades Charter (CHTR) to Market Perform from Outperform
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