🌅 Today's Morning Call
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S&P Futures
7,563.50
▲ +29.00 (+0.38%)
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Nasdaq Futures
30,755.75
▲ +201.25 (+0.66%)
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Dow Futures
52,037.00
▲ +196.00 (+0.38%)
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10Y Treasury
4.45%
▼ -0.01%
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US Dollar
100.93
▲ +0.02 (+0.02%)
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Bitcoin
$64,696
▲ +$1,471 (+2.33%)
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Data as of 8:07 AM ET
Good morning! Monday morning is serving up a full plate before the opening bell even rings. Futures are green across the board despite a weekend packed with geopolitical turbulence, UK political drama, and the passing of a Fed legend. There is a lot to process this morning, so let's get into it.
👀 What to Watch Today
The biggest macro story to monitor today is the Strait of Hormuz situation. Iran has again declared the waterway closed, and maritime intelligence data confirms tanker traffic has stalled. This is not a drill. The Hormuz strait handles roughly 20% of global oil flow, and any sustained blockage will pressure energy prices hard. Watch oil ETFs like BNO and DBO, along with exploration names in IEO, for early directional signals.On the political front, UK Prime Minister Keir Starmer has announced his resignation, rattling British markets before the US open. Analysts are flagging the possibility of Andy Burnham leading Labour, which some expect would push UK borrowing costs higher over time. ETFs tracking UK equities including EWU, EWUS, and FKU could see choppiness today as markets reprice political risk across the Atlantic.
There is no major US economic data on the calendar this morning, so price action will likely be driven by the news flow outlined above. Keep one eye on oil and one eye on the pound.
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Text Me the Alerts🌏 Overnight Recap
Asian markets traded cautiously overnight as the Hormuz closure story filtered through. Energy stocks in Tokyo and Hong Kong saw notable buying interest as traders positioned for potential oil supply disruption. European markets opened mixed, with UK indices under particular pressure following Starmer's resignation announcement hitting screens before European traders had settled into their seats.Elsewhere overnight, the market absorbed the passing of former Federal Reserve Chairman Alan Greenspan at age 100. Greenspan led the Fed for 19 years under four presidents and shaped modern monetary policy thinking in ways still felt today. His legacy is complicated but towering. The news is more of a reflection moment than a market mover, but it is worth noting as financial media will carry it prominently through the day.
Bitcoin climbed roughly 2.33% overnight to sit near $64,696, a quiet but consistent move higher that suggests some renewed risk appetite in digital assets heading into Monday's session.
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📊 Pre-Market Movers
RGNX is the name that could see the most fireworks at the open. The Wall Street Journal reported that the FDA plans to reverse its earlier rejection of Regenxbio's rare-disease gene therapy. Regulatory reversals like this tend to send biotech names sharply higher, and traders who missed the initial pop will be watching for momentum continuation through the morning session.CVX and MSFT are both in the spotlight after confirming a 2.7-gigawatt power deal for a West Texas AI data center. Chevron will supply natural gas from local production to an on-site power plant, directly feeding the facility's enormous energy appetite. This is a real-world example of how AI infrastructure demand is reshaping energy deals, and both stocks could see positive sentiment carry into Monday's open.
NVDA slipped modestly in early pre-market as investors chewed on the latest US-Iran peace talk headlines, which added uncertainty around tech sentiment. With Nasdaq futures still up 0.66%, any NVDA weakness looks like noise against a broadly constructive tape.
🔍 Today's Watchlist
- Hormuz oil disruption: BNO, DBO, and IEO for energy sector volatility as tanker traffic stalls
- RGNX could spike sharply after the WSJ reported the FDA will reverse its prior rejection of Regenxbio's rare-disease therapy
- CRH and ACA on radar after CRH announced an $8.5 billion acquisition of Arcosa in the building materials space
- MRK worth watching after Merck's inflammatory bowel disease drug hit its primary endpoint in a late-stage trial
- UK political ETFs EWU and EWUS as markets digest Starmer's resignation and what a leadership transition could mean for gilt yields
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🎯 The Morning Playbook
Today is one of those sessions where the macro backdrop is noisy but the futures tape is telling a different story. Green across the board on S&P, Nasdaq, and Dow futures suggests buyers are not running scared despite the Hormuz closure, UK political shake-up, and ongoing geopolitical headlines. That resilience is worth paying attention to.The energy trade looks like the sharpest near-term catalyst. If Hormuz headlines escalate through the morning, oil-linked names and ETFs could move fast. On the flip side, the CVX and MSFT power deal is a quieter but more structurally important story. AI energy demand is not going away, and deals like this one will define which energy companies win the next decade.
For active traders, RGNX is the high-conviction watchlist name today given the FDA reversal report. For longer-term investors, the bigger picture is that markets continue to find buyers even when the headlines are ugly. That tells you something about where sentiment stands heading into summer.
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