S&P 500 futures are up 21 points, Nasdaq 100 futures have increased by 123 points, while Dow Jones Industrial Average futures have dropped by 583 points.
Futures for the S&P 500 and Nasdaq 100 are trending higher following a tech-related dip. However, Dow futures are down due to UnitedHealth (UNH, Financial) reporting disappointing earnings. UNH shares are 20% lower before the market opens after missing earnings and revenue estimates and providing less optimistic guidance than expected.
President Trump announced "big progress" in trade discussions with Japan, which helped improve the market mood.
Investors are waiting for key data today, including March Housing Starts, Building Permits, and weekly jobless claims, all expected at 8:30 ET.
The 10-year yield has risen to 4.30%, up two basis points, and the 2-year yield increased to 3.80%, up one basis point.
In terms of company performance:
Eli Lilly (LLY, Financial) experienced a significant boost, with shares climbing approximately 14% in premarket trading. This surge followed the announcement that its oral GLP-1 receptor agonist, orforglipron, met its primary goal in a Phase 3 trial for type 2 diabetes. The drug showed an average weight reduction of 8% at the highest dose, sparking a decline in shares of competitors like Novo Nordisk (NVO, Financial) and Viking Therapeutics (VKTX, Financial).
In a political clash, former President Donald Trump criticized Federal Reserve Chair Jerome Powell for not lowering interest rates, arguing the U.S. benefits from tariffs. Powell's recent comments on tariffs potentially impacting the Fed's dual mandate led to market concerns, contributing to a market downturn.
UnitedHealth Group (UNH, Financial) shares fell around 20% after the company reduced its full-year profit outlook due to disappointing Q1 results. This decline affected other managed care companies like Humana (HUM, Financial) and CVS Health (CVS, Financial).
Nvidia (NVDA, Financial) CEO Jensen Huang's visit to China comes amid new U.S. export restrictions on its H20 chips, which could lead to a $5.5 billion loss. Huang discussed new chip designs with Chinese clients, emphasizing the importance of the Chinese market for Nvidia.
Pfizer (PFE, Financial) and GSK (GSK, Financial) are set to benefit from the CDC's expanded use of RSV vaccines for adults aged 50-59 at increased risk, following a unanimous advisory committee vote. Moderna (MRNA, Financial) is also seeking U.S. approval to expand its RSV vaccine's label.
American Express (AXP) reported Q1 earnings that exceeded analyst estimates, driven by higher net interest income and card fee revenue. Despite a decline in network volume, the company maintained its 2025 guidance, leading to a slight dip in stock price.
Taiwan Semiconductor (TSM, Financial) shares rose about 5% after reporting strong Q1 results, although revenues fell short of expectations. The company remains optimistic about future growth, driven by AI-related demand.
Blackstone (BX) reported Q1 earnings that beat expectations, with record inflows amid market volatility. The firm's assets under management grew to $1.17 trillion, showcasing resilience and strong investment performance across its strategies.
Apple (AAPL, Financial) received an Outperform rating from Evercore, with analysts highlighting the company's supply chain diversity amid U.S.-China trade tensions. Apple's efforts to mitigate tariff impacts are expected to help maintain stability.
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