GM and Hasbro lift the mood before the bell

🌅 Today's Morning Call

S&P Futures 7,514.75 ▲ +3.00 (+0.04%)	Nasdaq Futures 29,151.00 ▲ +92.75 (+0.32%)	Dow Futures 52,192.00 ▼ -3.00 (-0.01%)
10Y Treasury 4.60% ▲ +0.06%	US Dollar 100.99 ▲ +0.02 (+0.02%)	Bitcoin $66,350 ▲ +$1,137 (+1.74%)

Good morning! Tuesday, July 21st is shaping up to be one of those mornings where the earnings tape does most of the talking. Futures are mixed but leaning cautiously optimistic, with the Nasdaq leading the charge higher while the Dow barely budges. From toy aisles to auto showrooms to the courtroom, there is no shortage of catalysts today. Here is your morning rundown.

👀 What to Watch Today

The earnings calendar is front and center this Tuesday. GM (GM) already reported this morning and beat Wall Street expectations, lifting its full-year guidance on the back of resilient North American consumer demand and solid pricing power. Hasbro (HAS) is also flashing green, raising its 2026 full-year outlook after a strong Q2 powered by its Wizards of the Coast and digital-gaming division.

Halliburton (HAL) is another name to watch today after reporting a rise in Q2 profit, driven by demand strength in Latin America and Europe that helped offset softness in the Middle East. Traders will be parsing management commentary closely for any clues on oil services demand heading into the second half of the year.

Beyond earnings, keep an eye on Treasury yields, which are ticking higher across the curve this morning. The 10-year is sitting at 4.60% and the 30-year at 5.12%. Rising yields have a way of putting a quiet lid on risk appetite even when earnings are cooperating, so watch how equities respond once the opening bell rings.

Man Who Called NVIDIA at $1.10 Issues New Alert [ad]

🌏 Overnight Recap

Overnight, energy markets got a fresh jolt of data when the International Energy Agency confirmed that its member countries have released roughly 290 million barrels of oil since March 11. That is a significant coordinated release and it is keeping pressure on crude prices, with oil-linked tickers like BNO, DBO, and GUSH worth monitoring for volatility as traders digest the supply implications.

Across the Atlantic, Metro Bank (MTRBF) is making headlines after Sky News reported the UK lender is exploring a roughly 2.7 billion dollar merger with Aldermore, a rival bank being offloaded by South Africa's FirstRand following a motor finance mis-selling scandal. The deal, if it materializes, would be a notable consolidation move in the UK banking landscape.

Boeing (BA) also drew attention overnight after the aerospace giant asked the U.S. government to push the European Union for transparency on a 3.43 billion dollar loan package extended to rival Airbus (EADSY, EADSF). The move revives trade tension concerns just days after the two sides appeared to patch things up, and it adds another layer of uncertainty for BA shareholders already watching the company's long recovery road.

The Great AI Meltdown is Coming (prepare now and get rich) [ad]

📊 Pre-Market Movers

The biggest pre-market story in individual stocks is Agios Pharmaceuticals (AGIO), down roughly 14% after the company announced it is pulling the plug on its sickle cell disease treatment program. Pipeline failures hit biotech stocks fast and hard, and this one is no exception. Expect heavy volume and potential additional downside when the market opens.

On the upside, Hasbro (HAS) is gaining pre-market after raising its full-year outlook. The Wizards of the Coast and digital-gaming segment continues to be the real engine here, proving that physical toys alone are no longer the whole story. GM (GM) is also showing pre-market strength following a clean earnings beat and upward guidance revision.

In an interesting sideshow, the Novo Nordisk (NVO) versus Eli Lilly (LLY) lawsuit over GLP-1 drug advertising is creating noise for both names pre-market. Legal battles in pharma rarely resolve quickly, but they can create short-term uncertainty. Watch NVO and LLY for volatility as investors assess what the lawsuit could mean for the white-hot weight loss drug market.

Trump Knew It All Along... Free, Endless Power is REAL [ad]

🔍 Today's Watchlist

1. GM earnings call details: guidance revision specifics and North American pricing commentary could move the stock meaningfully at the open
2. LLY and NVO legal battle: Novo Nordisk's lawsuit against Eli Lilly over GLP-1 drug advertising is a developing story with real market implications for both names
3. AGIO in freefall: Agios Pharmaceuticals is down 14% pre-market after abandoning sickle cell treatment development, watch for continued selling pressure
4. Treasury yields at 4.60% on the 10-year: elevated yields could cap tech upside despite Nasdaq futures pointing higher this morning
5. MBLY and STLA partnership: Mobileye's cloud-based driver assistance deal with Stellantis is a quiet but meaningful development in the connected vehicle space

🎯 The Morning Playbook

The setup for Tuesday is actually more constructive than the muted futures might suggest. You have two major companies, GM and Hasbro, raising guidance in the same morning, and that kind of earnings momentum tends to build confidence heading into the session. The real question is whether rising Treasury yields and the Boeing trade tension flare-up provide enough of a headwind to keep gains contained.

For active traders, AGIO is the pain trade of the morning and the GLP-1 soap opera between NVO and LLY is worth following for anyone with exposure to the pharma sector. The Mobileye and Stellantis partnership (MBLY, STLA) is a quieter story but speaks to a real secular trend in vehicle technology that is easy to overlook on busy earnings days.

Step back and the bigger picture looks reasonable. Bitcoin is holding above 66,000, the dollar is steady, and earnings season is delivering more beats than misses so far. Not every Tuesday needs to be dramatic to be productive. Sometimes steady and selective is exactly the right posture.

Where to Put $100 Before Trump’s New Tech Law Rolls Out [ad]