Where Futures Sit
Stock futures are pointing modestly lower this morning, coming off Wednesday's session where all three major averages closed at fresh records. S&P 500 futures are off about 0.1 percent near 7,530, Dow futures roughly flat near 50,700, and Nasdaq futures down about 0.4 percent near 29,930. The VIX is sitting quietly near 16, which tells you the early softness is more pause than panic. Brent crude is up close to 3 percent, while gold has eased back toward 4,405 an ounce.
Macro Pulse
Two forces are pulling in opposite directions. The Middle East is back on the front burner... fresh US strikes in Iran drew reported retaliation against a US airbase, and oil has firmed on concerns about passage through the Strait of Hormuz. At the same time, this is a heavy data morning. The second read on first-quarter GDP, weekly jobless claims, and durable goods orders all land before the open, followed by the PCE price index... the Fed's preferred inflation gauge. A cool reading would support the view that price pressures are still drifting lower, while a hot one could test a market that has priced in a lot of good news.
Tickers To Watch
NVDA: Still the heaviest single weight in the index after its recent earnings, so its drift tends to set the tone for the broad tape.
CRM: Salesforce sits in focus this week as a read on whether enterprise software spending is holding up.
SNOW: Snowflake reports after the close, a useful gauge of corporate appetite for AI and data infrastructure.
DELL: Watched for AI server demand as the hardware build-out continues.
NIO: Slipped in premarket after pricing its new ES9 SUV below expectations.
Bottom Line
Records on Wednesday, a quiet VIX, and a market that keeps shrugging off geopolitical noise... that combination can lull anyone into comfort.
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