Stock futures took off once trade details emerged
Stock futures are moving higher this morning, with investors cheering trade deal progress and upbeat inflation data. The U.S. and China reportedly reached a "consensus" on trade, but the agreement is still awaiting approval from President Donald Trump and Chinese President Xi Jinping. The former took to social media to claim a rare earths deal is "done,” though.
Also propping up markets is the latest consumer price index (CPI) report, with inflation rising 2.4% for May, which was in line with estimates. At last check, Dow Jones Industrial Average (DJIA) futures have pared sharp losses and are now confidently higher, with the S&P 500 Index (SPX) and Nasdaq-100 (NDX) futures also sporting comfortable leads.
Continue reading for more on today's market, including:
- Senior Quantitative Analyst Rocky White digs into the S&P 500's V-bottom.
- Disney stock flashing rare bullish signal.
- Plus, no post-earnings pop for GameStop; quantum stays hot; RUN downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts and over 1.2 million put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.57, while the 21-day moving average stayed at 0.59.
- GameStop Corp (NYSE:GME) stock is 4.5% lower ahead of the bell, after the retailer reported first-quarter revenue that fell short of estimates. The former meme stock is poised to cede its year-to-date breakeven level today, but is 21% higher year-over-year.
- IonQ Inc (NYSE:IONQ) stock is 5.2% higher before the open, with quantum stocks across the sector soaring after Nvidia (NVDA) CEO Jensen Huang noted the technology was "at an inflection point" at a developer conference. IonQ stock could reclaim its own year-to-date breakeven level today, and pad its absurd 383% lead in the last 12 months.
- The shares of Sunrun Inc (NASDAQ:RUN) are down 2.8% in electronic trading, after Jefferies issued a downgrade on the alternative energy name to "underperform" from "hold." The analyst in coverage cites the overarching headwinds from lack of federal initiative. RUN is 51% higher this quarter alone, but still down 38% year-over-year.
- All eyes on inflation data this week.
Asian Bourses React Well to Trade Tailwinds
Asian markets settled higher on Tuesday, after China and U.S. officials reached a trade agreement that will allow the export of rare earth minerals and reverse sales restrictions on advanced tech goods to China. The deal now awaits approval from President Donald Trump and Chinese President Xi Jinping. South Korea’s Kospi extended its win streak to six days with a 1.2% pop, while Hong Kong’s Hang Seng added 0.8%. Meanwhile, Japan’s Nikkei and China’s Shanghai’s Composite rose 0.6% and 0.5%, respectively.
European markets are mixed, as investors unpack Finance Minister Rachel Reeves’ budget spending review, with the British pound flat against the U.S. dollar. London’s FTSE 100 was last seen trading near breakeven, France’s CAC 40 is down 0.2%, and the German DAX is 0.2% higher.