🌅 Today's Morning Call
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S&P Futures
7,739.50
▼ -2.25 (-0.03%)
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Nasdaq Futures
29,599.75
▼ -71.75 (-0.24%)
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Dow Futures
53,653.00
▼ -39.00 (-0.07%)
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10Y Treasury
4.67%
▲ +0.01%
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US Dollar
99.19
▲ +0.01 (+0.01%)
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Bitcoin
$79,625
▼ -$650 (-0.81%)
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Data as of 8:07 AM ET
Good morning! Happy Friday, and welcome to the last trading day of the week. Futures are hugging the flatline this morning, but the real story is overseas, where Japan just torched a record $98.7 billion defending the yen. Meanwhile, biotech is having a moment thanks to some long-awaited cancer vaccine data. Here's your morning rundown.
👀 What to Watch Today
Currency markets top the radar today after news that Japan spent a record $98.7 billion last month propping up the yen, in a rare coordinated move with the U.S. Watch the DXY, currently at 99.19, for any ripple effects across global assets.Biotech deserves your full attention. Cytokinetics (CYTK) released strong late-stage data on its heart drug aficamten and is now seeking broader use, while Moderna (MRNA) and Merck (MRK) are riding momentum from their cancer vaccine progress.
Also keep an eye on rates. The 10-year Treasury sits at 4.67% and the 30-year at 5.19%, both ticking slightly higher, which could keep pressure on rate-sensitive growth names as the session opens.
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Text Me the Alerts🌏 Overnight Recap
Asia was the main event overnight. The yen story dominated after Japan confirmed its record $98.7 billion intervention, a reminder of just how far officials will go to stabilize the currency. Traders across the region parsed what continued coordination with the U.S. means going forward.In China, Meituan (MPNGF, MPNGY) turned a profit in Q2 and beat revenue estimates as the brutal food delivery price wars finally started to cool. It's a notable signal that subsidy-fueled competition may be easing.
Over in Europe, Alphabet's Google (GOOG, GOOGL) said it updated its spam policy to address EU antitrust concerns, a move aimed at sidestepping a potential fine. Regulatory headlines like this continue to shape sentiment around Big Tech abroad.
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📊 Pre-Market Movers
Autodesk (ADSK) is under pressure pre-market after a mixed outlook. The software maker beat on the top line but issued profit forecasts that missed expectations, souring an otherwise solid quarter and dragging sentiment across enterprise software.Lucid (LCID) is another name to watch after news it will recall over 27,000 of its flagship Air sedans over a fire risk tied to an exterior lighting circuit, per NHTSA. Recall headlines rarely help an EV maker still fighting for scale.
On the upside, biotech is glowing. Cytokinetics (CYTK) could see buying interest on its strong aficamten data, while Moderna (MRNA) and Merck (MRK) draw attention on the cancer vaccine breakthrough narrative.
🔍 Today's Watchlist
- USD/JPY and the DXY at 99.19 after Japan's record yen intervention
- Biotech strength: CYTK, MRNA, and MRK on fresh clinical data
- Software after ADSK's mixed guidance pressures the sector
- 10-year Treasury at 4.67% and its drag on growth stocks
- Bitcoin holding near $79,625 after a modest overnight dip
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🎯 The Morning Playbook
With futures near flat, today is less about broad direction and more about stock-specific stories. The playbook: lean into the themes with real catalysts rather than chasing the index.Biotech is where the energy is, so CYTK, MRNA, and MRK are worth a close look. On the flip side, watch software for follow-through weakness after ADSK's guidance, and keep LCID on the risk radar given the recall.
Zoom out and the macro backdrop stays steady, with rates barely budging and the dollar firm. Fridays reward discipline over drama, so pick your spots and finish the week strong.
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