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Supreme Court Hears Tariff Case, TSLA Investor Day
Tom White
November 06, 2025
U.S. stock futures are slightly higher ahead of the Wall Street open as investors grew more optimistic on AI valuations and were encouraged by the tone of a Supreme Court hearing on President Donald Trump’s sweeping tariffs.
Investors are seeing a path that the Supreme Court will rule against the Trump administration’s aggressive trade policy after high court justices on Wednesday expressed some skepticism about the trade taxes’ legality at a hearing in Washington. The potential ruling would trigger a rollback of the president’s tariffs, potentially pushing stocks higher.
The moves come after the equity market bounced back on Wednesday following a soft start to the week. Focus remains on earnings today along with the government shutdown, tariff implications and Tesla’s (TSLA) investor day.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up 0.8% near $60 a barrel, buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite.
Gold (/GC) – Gold futures are up 0.6% near $4020 as a retreat in the dollar and a prolonged U.S. government shutdown raised worries over the economic outlook.
Bitcoin (/BTC) – The Crypto Future is down 1.2% near 103,000 in premarket trading.
VIX – The CBOE Volatility Index fell 5.2% on Wednesday and settled at 18.01 as stocks were higher.
U.S. Dollar (/DX) – The dollar is down 0.3% to 99.8.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
DDOG | Datadog | +8.08% |
APP | Applovin | +7.88% |
ROK | Rockwell Automation | +5.35% |
FTNT | Fortinet | -10.05% |
KMX | CarMax | -9.38% |
TPR | Tapestry | -7.69% |
Economic Data
Time | Event |
|---|---|
7:30 AM ET | Challenger Job-Cut Report |
8:30 AM ET | Productivity & Costs |
10:00 AM ET | Wholesale Inventories |
10:30 AM ET | Natural Gas Inventories |
11:00 AM ET | Fed’s Barr Speaks Fed’s Williams Speaks |
12:00 PM ET | Fed’s Hammack Speaks |
3:30 PM ET | Fed’s Waller Speaks |
4:30 PM ET | Fed’s Paulson Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
APD, ATUS, AZN, ATHM, BDX, GOOS, BLMN, CARS, COP, CMI, QBTS, DDOG, DD, H, KVUE, DNUT, MRNA, NRG, PZZA, PH, PENN, PLNT, RL, ROK, FOUR, TPR, TRIP, UAA, VST, SEAT, YETI | AMRK, AFRM, ABNB, AKAM, ACHR, XYZ, CARG, CE, CC, DKNG, DBX, EXPE, HRB, MCHP, MP, NWS, OPEN, PTON, RXT, SNDK, SOLV, SOUN, RUN, SG, TTWO, TXRH, TTD, WYNN, YELP | AMCX, BAM, CEG, DK, DUK, EOG, FLR, HMC, HAIN, KKR, FUN, WEN | None |
Upgrades/Downgrades
HSBC upgrades Caterpillar (CAT) to Buy from Hold
Argus upgrades Super Micro (SMCI) to Buy from Hold
Stifel upgrades Biogen (BIIB) to Buy from Hold
RBC Capital downgrades Bumble (BMBL) to Sector Perform from Outperform
Piper Sandler downgrades e.l.f. Beauty (ELF) to Neutral from Overweight
Stifel downgrades BioMarin (BMRN) to Hold from Buy
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