🌅 Today's Morning Call

S&P Futures
7,793.75
▲ +30.25 (+0.39%)
Nasdaq Futures
30,970.75
▲ +180.50 (+0.59%)
Dow Futures
51,876.00
▲ +158.00 (+0.31%)
10Y Treasury
5.16%
▲ +0.05%
US Dollar
100.98
▼ -0.29 (-0.29%)
Bitcoin
$84,687
▲ +$301 (+0.36%)
Data as of 8:08 AM ET
Good morning! Happy Friday, and welcome to the last trading day of the week. Futures are pointing higher across the board this morning, with the Nasdaq leading the charge as biotech listings remind everyone that risk appetite is very much alive. Here's your morning rundown.

👀 What to Watch Today

The biggest fresh story this morning is ADARx Pharmaceuticals (ADRX), which pulled off an upsized $446.3 million U.S. IPO. That is a loud signal that investor appetite for biotech is back, so keep an eye on how ADRX trades in its debut session and whether it lifts sentiment across the broader sector.

Macro watchers should track Treasury yields, which are creeping up again. The 10-year sits at 5.16% and the 30-year at 5.46%, both nudging higher. Rising yields have been a headwind for growth names, so today is a test of whether tech can shrug it off.

Also on the radar: any headlines out of the upcoming Trump-Xi summit. A private survey showing a surprise jump in China's U.S. orders could set an upbeat tone for trade-sensitive names.
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🌏 Overnight Recap

Overnight, the geopolitical backdrop stayed busy. Ukrainian President Volodymyr Zelenskiy said both the EU and the IMF understand the need to help Kyiv cover its budget deficit and defense spending, a reminder that fiscal support conversations in Europe are far from over.

The trade story got more interesting too. A private survey showed American businesses ramped up orders for Chinese goods in the weeks before the Trump-Xi summit, with gains both month over month and year over year. That points to companies front-running potential tariff shifts.

In crypto, Bitcoin ticked up 0.36% to $84,687, holding steady overnight. The dollar softened, with the DXY down to 100.98, a modest tailwind for risk assets heading into the open.
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📊 Pre-Market Movers

The headline mover this morning is ADARx Pharmaceuticals (ADRX), fresh off its upsized $446.3 million IPO. All eyes are on its opening print, and a strong debut could pull sympathy interest into other clinical-stage biotechs.

Trade-exposed names are worth watching after the private survey showed a surprise jump in U.S. orders for Chinese goods. That kind of data can move industrials, retailers, and shippers that lean on cross-border demand ahead of the Trump-Xi summit.

Defense and aerospace names may also see early flows given Zelenskiy's comments on EU and IMF support for Ukraine's defense spending. Keep tickers in those sectors on your pre-market scan.

🔍 Today's Watchlist

  1. ADARx Pharmaceuticals (ADRX) IPO debut and whether it sparks a broader biotech bid.
  2. 10-Year Treasury yield at 5.16% and rising: watch for pressure on growth stocks.
  3. China trade-sensitive names ahead of the Trump-Xi summit after the surprise orders jump.
  4. Dollar Index at 100.98 and slipping, plus Bitcoin holding near $84,700.
  5. Nasdaq futures leading gains: can tech hold up despite higher yields?
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🎯 The Morning Playbook

The setup is constructive: futures are green, the dollar is soft, and biotech is showing life. The play today is to respect the risk-on tone while keeping one eye on those climbing yields, because a 10-year pushing toward 5.2% can flip the mood fast.

Biotech traders should watch ADRX for momentum clues without chasing the open blindly. Trade-sensitive names deserve attention as the Trump-Xi summit narrative builds.

It is Friday, so watch for late-session positioning into the weekend. Stay nimble, stick to your levels, and let the setups come to you.

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