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Morning Watchlist: Yields Rise, Tax Bill Raises Debt Ceiling by $4T
Rick Ducat, CMT
May 22, 2025
Equity markets are little changed in premarket trading, as major stock indices saw their worst day in about a month yesterday on the back of a disappointing U.S. 20-year Treasury auction and rising yields that saw the 30-year yield rise above 5% and the 10-year yield approach 4.6%. Treasury market participants also now must weigh breaking news that the U.S. House of Representatives narrowly passed a revised multi-trillion dollar GOP tax bill that would further increase government debt and raise the nation’s debt ceiling by $4 trillion.
Today’s economic data includes Jobless Claims, PMI Composite Flash, the Chicago Fed National Activity Index, and Existing Home Sales. Several stocks are seeing strong earnings moves to the upside, including AAP (+25.6%), URBN (+18.4%), and SNOW (+10.1%), with results to come from INTU, WDAY, and ADSK in the postmarket.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down almost 2% to $60.50.
Gold (/GC) – Gold is down slightly near $3,304 as it struggles around the key $3,330 level.
Bitcoin (/BTC) – The cryptocurrency is up over 2% to $111,320 after making a new all-time high of $112,165 yesterday.
VIX – The CBOE Volatility Index closed at 20.87 yesterday for its largest move since early April as stocks faltered. It is up slightly this morning to 21.37.
U.S. Dollar (/DX) – The dollar is flat around 99.6 after losing -1.1% during the past three sessions
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
ADI | Analog Devices | +3.05% |
COIN | Coinbase | +2.10% |
FAST | Fastenal | +1.77% |
ENPH | Enphase Energy | -17.00% |
FSLR | First Solar | -6.04% |
UNH | UnitedHealth Group | -3.72% |
Economic Data
Time | Event |
|---|---|
8:30AM ET | Jobless Claims Chicago Fed Nat. Activity Index |
9:45AM ET | PMI Composite Flash |
10:00AM ET | Existing Home Sales Quarterly Services Survey |
10:30AM ET | EIA Natural Gas Report |
11:00AM ET | Kansas City Fed Mfg. Index |
11:30AM ET | 4-Week Bill Auction 8-Week Bill Auction |
2:00PM ET | Fed’s Williams Speaks |
4:30PM ET | Fed Balance Sheet |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
ADI, WSM, RL, BJ, AAP | INTU, WDAY, ADSK, CPRT, ROST, DECK | BAH, FRO | None |
Upgrades/Downgrades
Needham upgrades Zoom (ZM) to Buy from Hold
Needham upgrades Inogen (INGN) to Buy from Hold
Melius Research downgrades Marvell (MRVL) to Hold from Buy
BMO Capital downgrades Sunrun (RUN) to Underperform from Market Perform
DA Davidson downgrades Guidewire (GWRE) to Neutral from Buy
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