🌅 Today's Morning Call
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S&P Futures
7,732.00
▼ -27.00 (-0.35%)
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Nasdaq Futures
30,468.00
▼ -236.00 (-0.77%)
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Dow Futures
51,731.00
▼ -74.00 (-0.14%)
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10Y Treasury
5.11%
▲ +0.15%
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US Dollar
101.29
▲ +0.14 (+0.14%)
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Bitcoin
$83,492
▼ -$886 (-1.05%)
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Data as of 8:10 AM ET
Good morning! Happy Thursday. Futures are leaning red this morning, with tech taking the heaviest hit as Treasury yields push higher across the curve. All eyes are on Washington, where Trump and Xi sit down for a high-stakes summit that could set the tone for markets well beyond today. Here's your morning rundown.
👀 What to Watch Today
The main event today is the White House summit between President Trump and Chinese leader Xi Jinping. Trade, artificial intelligence, Taiwan, and the war in Iran are all on the agenda, and any headline crossing the wire could swing sentiment fast. This is the kind of setup where a single soundbite moves indexes.Watch the bond market closely. The 10-year Treasury yield climbed to 5.11%, the 5-year hit 5.00%, and the 30-year sits at 5.40%. Rising yields are pressuring growth names, which explains why Nasdaq futures are down 0.77% versus the Dow's more modest 0.14% dip.
Also keep tabs on energy as oil slides on U.S.-Iran diplomacy optimism and the restart of Saudi Arabia's East-West pipeline, which reopens a crude route bypassing the Strait of Hormuz.
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Overseas, retail offered a bright spot. Sweden's H&M (HNNMY) posted stronger-than-expected operating profit for its June-August quarter and guided September sales up around 1% in local currencies, a reassuring read on the European consumer.In deal news, Germany's Delivery Hero (DELHY) scrapped plans for CEO Niklas Ostberg to step down after Uber (UBER) lobbed a $14.8 billion bid, a reminder that consolidation in food delivery is far from over.
Crude drifted lower overnight on easing geopolitical risk premium, while the dollar index ticked up to 101.29. Bitcoin slipped 1.05% to around $83,492 as risk appetite cooled alongside the move higher in yields.
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📊 Pre-Market Movers
Apple (AAPL) and Qualcomm (QCOM) are in focus after Qualcomm confirmed it extended its chip licensing agreement with Apple effective April 1 next year, removing a lingering overhang for both names.Eli Lilly (LLY) is one to watch after the FDA approved Onswik, its once-weekly basal insulin for adults with type 2 diabetes, offering patients an alternative to daily shots. Merck (MRK) could also move after its eye disease drug met the primary goal in a mid-to-late-stage trial.
Elsewhere, DoorDash (DASH) and Alphabet (GOOG, GOOGL) are getting attention as Lowe's launches drone delivery via DoorDash and Alphabet's Wing. Starbucks (SBUX) faces pressure with a fresh round of café closures under CEO Brian Niccol, and Amazon (AMZN) is spending $3 billion to scale quick commerce in India.
🔍 Today's Watchlist
- Trump-Xi summit headlines on trade, AI, Taiwan, and Iran that could whip sentiment intraday
- The 10-year Treasury yield at 5.11% and whether the climb keeps pressuring tech
- Food delivery M&A after Uber's $14.8B bid for Delivery Hero (UBER, DELHY)
- Oil prices as Iran diplomacy and the Saudi pipeline restart weigh on crude
- Nasdaq futures leading the downside, down 0.77% versus the Dow's 0.14% slip
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🎯 The Morning Playbook
With yields grinding higher and the Trump-Xi summit looming, this is a day to stay nimble rather than aggressive. Growth and mega-cap tech are the most sensitive to the rate move, so expect Nasdaq names to trade choppy until there's clarity from Washington.Healthcare offers idiosyncratic opportunity today with Lilly's FDA win and Merck's trial success giving those names their own catalysts independent of the macro noise. Consumer and delivery stories from Amazon, DoorDash, and Uber are worth a closer look for longer-term positioning.
Let the summit headlines settle before making big moves. Sometimes the smartest play is patience, and today may reward those who wait for the dust to clear.
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