SharkNinja, Shopify, CVS all pop pre-market

🌅 Today's Morning Call

S&P Futures 7,797.25 ▲ +5.25 (+0.07%)	Nasdaq Futures 29,917.00 ▲ +27.00 (+0.09%)	Dow Futures 54,494.00 ▲ +2.00 (+0.00%)
10Y Treasury 4.63% ▼ -0.06%	US Dollar 99.71 ▼ -0.09 (-0.09%)	Bitcoin $64,058 ▲ +$8 (+0.01%)

Good morning! Wednesday, August 5th is serving up a full plate before the opening bell, with earnings beats from household names giving futures a gentle lift into the green. Futures across the S&P 500, Nasdaq, and Dow are all pointing modestly higher, while Treasury yields ease and the dollar slips, creating a quietly supportive backdrop. There is a lot to unpack this morning, so here is your play-by-play.

👀 What to Watch Today

Earnings are the main event today, and the calendar is packed. SharkNinja (SN), Shopify (SHOP), CVS Health (CVS), Phillips 66 (PSX), and Honda (HMC) have all reported overnight, with most delivering results that beat expectations. Traders will be watching how these names open and whether the positive guidance upgrades translate into sustained buying or a classic sell-the-news reaction.

On the macro side, keep an eye on the 10-year Treasury yield sitting at 4.63 percent after a modest overnight dip. A continued retreat in yields could give rate-sensitive growth stocks a tailwind heading into the afternoon. The dollar index (DXY) at 99.71 also warrants attention, as further weakness could amplify gains for multinational names like SN and SHOP that generate significant international revenue.

Geopolitics remains a background risk factor today after China announced fresh restrictions targeting U.S. firms and drone exports in retaliation for recent American regulatory moves. Watch for any ripple effects in tech and defense-adjacent names throughout the session.

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🌏 Overnight Recap

Overnight, Asian markets digested a mixed bag of corporate news and macro signals, with Honda's (HMC) first profit increase in six quarters providing a bright spot. The Japanese automaker cited a weaker yen as a key tailwind, helping offset falling global sales and rising material costs tied to ongoing tensions surrounding the Iran conflict. European traders also had plenty to chew on, with Siemens Energy (SMEGF, SMERY) drawing attention after reports emerged that its supervisory board will hold an extraordinary meeting on August 25 to discuss a possible divisional spinoff.

In crypto, Bitcoin is holding just above $64,000, essentially flat overnight, which signals neither panic nor euphoria heading into U.S. trading hours. The dollar's mild weakness is a small tailwind for risk assets broadly, and that tone carried through European sessions without major disruption.

Perhaps the most eyebrow-raising development came from the autonomous vehicle space, where Wayve and Uber (UBER) secured Transport for London approval to run supervised robotaxi rides in the UK capital. It is a meaningful regulatory milestone that could draw fresh attention to Uber's broader autonomous strategy as markets open.

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📊 Pre-Market Movers

SharkNinja (SN) is moving sharply higher in pre-market after the company lifted its full-year outlook on the back of strong Q2 sales driven by cooking appliances, beauty products, and international expansion. This is a company that keeps finding new ways to grow, and the market is rewarding that consistency. Shopify (SHOP) is also gaining ground after projecting above-estimate current-quarter revenue growth, crediting its AI-driven tools for attracting a broader merchant base.

CVS Health (CVS) is another notable pre-market mover following its partnership announcement with Eli Lilly (LLY) to overhaul its weight management program using GLP-1 medications, alongside a raised full-year outlook and a nearly threefold jump in quarterly profit. Nvidia (NVDA) is also ticking higher after SpaceX confirmed it will exclusively use Nvidia hardware, a high-profile win that lands another credibility blow to AMD.

Phillips 66 (PSX) is seeing pre-market strength after beating Q2 profit estimates on wider refining margins, boosted by elevated demand for U.S. fuel exports amid ongoing Middle East tensions. Honda (HMC) is also worth watching as it heads into the U.S. session fresh off its first profit increase in six quarters.

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🔍 Today's Watchlist

1. SN and SHOP: both raised guidance overnight, watch for conviction buying or profit-taking at the open
2. CVS (CVS) and LLY: the new GLP-1 partnership could shift sentiment across the entire weight-loss drug supply chain
3. NVDA: SpaceX hardware exclusivity deal is a direct blow to AMD and a fresh catalyst for Nvidia bulls
4. 10-Year Treasury at 4.63 pct: a continued yield dip could unlock gains in growth and tech names today
5. DIS and ORCL: the Disney-TikTok content deal is early-stage but signals a new monetization frontier worth tracking

🎯 The Morning Playbook

The setup for Wednesday looks constructive without being euphoric. Futures are green, yields are easing, and the earnings scorecard is tilting positive with multiple companies raising guidance. That is a combination that tends to reward selective buying rather than broad index chasing.

The most interesting story arc to follow today is whether the CVS-Lilly GLP-1 deal (CVS, LLY) expands the conversation around weight-loss drug distribution and what that means for pharmacy benefit managers and retail health platforms. Meanwhile, the Nvidia-SpaceX development reinforces the view that AI infrastructure spending remains concentrated in a few dominant players.

Stay disciplined, let the open settle, and use the first 30 minutes to see where real money is flowing. The headlines are supportive, but the best trades today will come from watching price action rather than chasing pre-market moves.

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