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S&P 500 Near All-Time Highs, Powell Continues Testimony
Tom White
June 25, 2025
U.S. stock futures are relatively flat ahead of the Wall Street open as investors anticipate the S&P 500 will reach its all-time high from February.
The benchmark SPX is only 0.9% off its record intra-day high and the Nasdaq-100 (NDX) settled at a record closing high and is only 0.14% below its intra-day high.
Traders are optimistic the Iran-Israel ceasefire will hold as risk appetite continues to strengthen.
Investors will focus on another day of Fed Chair Powell testimony today and New Home Sales data.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up about 0.7% near $64.80 a barrel and firming after plummeting in the last two sessions as investors assessed the stability of a ceasefire between Iran and Israel. Crude futures are down 12% this week and are near two-week lows on the de-escalation in the Middle East. API reports that crude inventories fell 4.277M barrels last week. Gasoline inventories rose 764,000 barrels.
Gold (/GC) – Gold prices are up 0.2% near $3340 after falling 2% yesterday to hit an over two-week low as the announcement of a ceasefire between Iran and Israel dented safe-haven demand for bullion.
Bitcoin (/BTC) – The Crypto Future is up around 1.5% near 107.3K in the premarket.
VIX – The CBOE Volatility Index fell 11.8% on Tuesday and settled at 17.48 as stocks rallied.
U.S. Dollar (/DX) – The dollar is up 0.25% to 97.7.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
COIN | Coinbase | +2.84% |
SMCI | Super Micro | +1.94% |
YUM | Yum! Brands | +1.61% |
FDX | FedEx | -4.62% |
GIS | General Mills | -1.93% |
WEC | WEC Energy | -1.01% |
Economic Data
Time | Event |
|---|---|
7:00AM ET | MBA Mortgage Applications |
10:00AM ET | Fed’s Powell Testifies to Senate New Home Sales |
10:30AM ET | Oil Inventories |
1:00PM ET | 5-Year Note Auction |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
GIS, PAYX, WGO | FUL, JEF, MU, MLKN, SCS, WS | AYI, MKC, WBA | AOUT, CNXC, NKE |
Upgrades/Downgrades
JPMorgan upgrades Yum! Brands (YUM) to Overweight from Neutral
Jefferies upgrades Stellantis (STLA) to Buy from Hold
Goldman Sachs upgrades Kraft Heinz (KHC) to Neutral from Sell
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