🌅 Today's Morning Call
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S&P Futures
7,704.50
▼ -34.25 (-0.44%)
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Nasdaq Futures
29,359.00
▼ -254.00 (-0.86%)
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Dow Futures
53,241.00
▼ -315.00 (-0.59%)
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10Y Treasury
4.65%
▼ -0.05%
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US Dollar
98.77
▼ -0.04 (-0.04%)
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Bitcoin
$71,581
▲ +$2,281 (+3.29%)
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Data as of 8:09 AM ET
Good morning! Thursday, August 20th is starting with a familiar tension: broad market futures are in the red while crypto and select earnings plays are doing their own thing entirely. S&P futures are off 0.44%, Nasdaq futures are sliding nearly 0.9%, and the Dow is dropping over 300 points in pre-market trading. Yet somehow, Bitcoin is up more than 3% and sitting just above $71,500. That split-screen is your story this morning. Here's what's moving and why it matters before the bell.
👀 What to Watch Today
The headline earnings name today is Deere (DE), which already reported this morning with profits rising alongside stronger-than-expected sales. Construction equipment is carrying the load while the production agriculture segment stays soft. Watch how the stock trades at the open given the mixed underlying story.Alibaba (BABA) also dropped numbers overnight, posting 9% quarterly revenue growth driven by AI-fueled cloud demand and a longer-than-usual 618 shopping festival in China. With the Nasdaq already under pressure this morning, BABA's results could either serve as a bright spot for tech bulls or get dragged down by broader sentiment.
On the macro side, keep an eye on any commentary out of Washington regarding the US-Canada trade negotiations. Reports indicate the White House is considering tariff cuts on metals and autos as part of a broader deal, and any updates before the open could move industrials and auto-adjacent names quickly.
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Text Me the Alerts🌏 Overnight Recap
Overnight, the big catalyst for crypto-adjacent stocks was a positive White House meeting that gave fresh momentum to pro-crypto legislation. Names like Coinbase and MicroStrategy were already surging during Wednesday's session, and that momentum carried right into Thursday pre-market. Bitcoin holding above $71,500 is giving the sector a floor for now.On the global health front, the WHO confirmed that the Democratic Republic of Congo will receive 70,000 doses of Merck's Ervebo Ebola vaccine as the country battles its largest outbreak on record. That puts a quiet spotlight on Merck (MRK) heading into the session, and could draw attention to broader vaccine supply chain dynamics.
In European banking news, Monte dei Paschi di Siena (BMDPF, BMPSY) CEO Luigi Lovaglio is presenting a defense strategy to the board today in response to Intesa Sanpaolo's 36 billion euro takeover bid. It is a story largely confined to European markets for now, but it signals continued consolidation pressure across the eurozone banking sector worth tracking.
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📊 Pre-Market Movers
Deere (DE) is the earnings mover of the morning, reporting higher profits on stronger construction equipment sales. The stock is drawing attention pre-market as investors parse whether the ag weakness is a short-term headwind or something more persistent. This one could see volatility in both directions as the session gets underway.Alibaba (BABA) is another pre-market name to watch after its 9% revenue beat. The AI cloud growth story is getting real traction, and the extended 618 festival gave the e-commerce segment a meaningful lift. With US-China trade sentiment still fluid, any positive read-through here could lift other China tech names like JD and PDD in sympathy.
Crypto-linked stocks are outperforming the broader pre-market tape after the White House meeting gave traders renewed confidence in legislative progress. Bitcoin clearing $71,500 with a 3.29% overnight gain is giving names like Coinbase (COIN) and Riot Platforms (RIOT) a meaningful tailwind even as Nasdaq futures point to a rough open for the broader tech complex.
🔍 Today's Watchlist
- DE earnings reaction at the open: construction strength vs. ag weakness is the key tension to watch
- BABA pre-market and early session: 9% revenue growth is solid but Nasdaq pressure is real
- Crypto stocks including COIN and MSTR following Bitcoin's 3.29% overnight surge past $71,500
- 10-Year Treasury yield at 4.65% and sliding: watch how falling yields interact with growth stock sentiment
- SpaceX insider shares (SPCX) becoming eligible for trading: potential supply overhang in private markets worth noting
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🎯 The Morning Playbook
The playbook today is really about staying selective in a down-futures tape. Broad index pressure does not have to mean every position suffers. DE and BABA both have fundamental stories worth evaluating on their own merits regardless of what the S&P does in the first hour.The crypto rally is the wildcard. If Bitcoin holds above $71,500 into the afternoon and the White House signals any concrete legislative movement, crypto-adjacent names could decouple meaningfully from the broader Nasdaq slide. Watch volume on COIN especially as a real-time sentiment gauge for that trade.
Falling Treasury yields are an underrated story this morning. The 10-year dropping to 4.65% and the 30-year sliding to 5.19% could provide some cushion for rate-sensitive sectors like utilities and real estate even if tech stays under pressure. Sometimes the most useful morning move is simply knowing where the pockets of strength are hiding.
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